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CBRE Global Investors, combined with CBRE Clarion Securities and CBRE Caledon, is one of the world’s leading real asset investment managers providing real estate and infrastructure investment solutions to over 500 clients worldwide.


CBRE Global Investors is the investment management division of CBRE Group, Inc. the world’s premier commercial real estate services and investment firm.  The company’s shares trade on the New York Stock Exchange under the symbol “CBRE.”

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August 6, 2012

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MLP Winners & Losers: Jobs Save the Day

MLPs were flat this week on a total return basis, amid mostly disappointing earnings releases, volatile commodity prices (propane up 1.4%, ethane down 4.6%, oil down then up, natural gas up then down), and an equity offering.  Natural Gas futures were down sharply this week, after hitting $3.21 on Monday, its highest level since January 10th of this year.  Thursday’s weak storage report sent natural gas futures down 7.9% on Thursday alone, accounting for the bulk of the 10.1% drop from Monday to Friday.

Oil was saved by a monster 4.9% Friday move of more than $4 per barrel.  It was an exciting end of the week for the stock market as well, with the S&P 500 up 1.9%, more than 25 points, on the better than expected jobs report.  But with the 1.5% drop through Thursday’s close for the S&P 500, that 1.9% gain meant only a 0.4% rise week over week.

SXL was the big winner this week after announcing a 9.9% distribution increase on wide crude differentials and demand for its crude pipelines in the mid-continent.  NRP was the biggest loser, hitting its 52-week low on Friday, and is now down 30.5% (24.5% including distributions).

As mentioned above, coal MLPs have had a rough go, and dominate the bottom 5.  NKA, despite a bad week, still leads all MLPs on the year.  CQP, which continues to hit milestones on its quest to be the first LNG export facility.  MLP Index is up 4.3% on the year, mostly just on distributions.

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