Archive

Week Thoughts: Lower Low, Higher Hope

29Oct
After a brief bout of panic early in the week, and a fresh 52-week low on Wednesday, MLPs bounced a combined 3.2% Thursday and Friday to finish the week down just 1.2%, a third straight weekly decline.  Oil had a very strong week, and is positive on the year for the first time in months.  Propane had an even better week, finishing at $1.00 for the first

Week Thoughts: Taking the Under

22Oct
MLPs dropped every day but Thursday this week, finishing down 3.3% since last Friday.  It was the 2nd worst week of the year, 3rd worst week in last 12 months.  The only 2 worse weeks: the week preceding the election (11/4/16) and the week in August when PAA declined 20.4%.  The MLP Index is at its lowest point since 8/28/17.  This came on a strong week

Week Thoughts: MLPs in Moderation

15Oct
Oil prices, natural gas prices, S&P 500, utilities, and U.S. Treasury notes all traded up this week.  MLPs did not.  Distribution surprises (cuts and moderations) were not well received.  The MLP market was firming ahead of earnings but clearly remains skittish when it comes to distributions, which clearly still matter quite a bit to a large portion

Week Thoughts: MLPs Float Higher, Without Aid of Oil

08Oct
MLPs rallied exactly 1.3% for a second straight week.  MLPs are now up in 5 out of the last 7 weeks and have gained 6.5% in those 7 weeks.  The unusual thing about this week’s rally, however, is that it happened despite a substantial drop in oil prices.  MLPs underperformed oil prices in the march from the mid-$40s to the low-$50s, so it’s nice to

Week Thoughts: Anti-CliMax Weight

01Oct
MLPs bounced back this week on stabilized oil and gas prices, benign broader stock market and limited equity issuance.  Interest rates continue to creep higher and may be contributing to MLPs recently lagging oil’s rally.  Most of the gains came Monday as WTI closed above $52/bbl and MLPs rallied more than 2% for their best day since June 23rd.  The