Archive

Week Thoughts: MLPs Take a Knee

24Sep
MLPs declined 1.1% this week, giving up last week’s minor gains.  MLP weakness was likely due to the nearly $1.4bn of equity issued, even though only $127mm was issued in a public offering. Oil prices broke back above $50/bbl and natural gas slipped back below $3.00/mmbtu. NGL prices outpaced both major commodities, and propane continues to standout, up

Week Thoughts: MLPs Hit their Macros, See Gains

17Sep
MLPs crept higher each day this week, before a 0.5% decline Friday limited weekly gains to 1.1%.  MLPs have rallied 3 out of the last 4 weeks, and the Index is up 6.3% off the recent (8/21) bottom.  Oil, natural gas and the broader equity market were all up this week, the stars were aligned, so it would be strange if MLPs didn’t go up. IPO

Week Thoughts: Aftermath

10Sep
MLPs finished this short week down 0.9%, their first negative week since mid-August.  Broad stock market weakness dragged MLPs lower Tuesday (despite higher oil prices) and oil price weakness dragged MLPs down Friday.  Interest rates dropped another 11 basis points, and the U.S. dollar index (DXY) reached its lowest level since December 2014, helping oil

Week Thoughts: Seeking Higher Ground

02Sep
MLPs continued to rally this week.  Like last week, Monday was negative, but each day the rest of the week was positive.  MLPs have traded up in 8 of the last 9 sessions, +6.0% over that time since hitting a fresh 52-week low back on 8/21.  MLPs were resilient after early selling Monday and Tuesday, and followed through the rest of the week. A