MASTER LIMITED PARTNERSHIPS

2009-07-09T12:41:00.001-04:00

Running up close to 225 and up over 4 points on the mlp index.

2009-07-09T12:16:00.002-04:00

MLPS rolling along and moving higher with the index up 3.58 as of this post and over 224. DCP Midstream (DPM) Nustar (NS) and Energy Transfer Partners (ETP) are up 1 point or more. And we have a long list of fractional winners on the list as well.

Just a handful of losers at the lunchtime hour and none of them are news driven. Crude has broken below 60 bucks but energy stocks in general are moving higher. 220 has held!

2009-07-09T09:15:00.003-04:00

STILL HOLDING ON AND NOW SOME UPSIDE!

I've been harping on this 220 level on the MLP index and it continues to hold along with the 34 day moving average. The dow looked like it was about to break down yesteday below 8100 when it turned around and closed higher and it looks to me like we could be back over 8250 again in short order. At least from the standpoint of a correction its been pretty orderly. Crude has corrected to 60 bucks and is showing a little bounce this morning. Nat gas which we all now is going to zero is up 5 cents right now. Stock futures are showing gains this morning.

No corporate developements and no upgrades or downgrades so far.

2009-07-08T14:35:00.001-04:00

MLPs only down 50 cents on the index while the rest of the market is down 1% as we head toward the final hour. It could get ugly again but our little group is holding on.

2009-07-08T12:55:00.000-04:00

Oil is getting hit hard today as we head back to 60 bucks. Nat gas meanwhile is actually up by a penny. The market is down but the MLP index is only off by about 1 point as relative outperformace continues and there is no sign of any wholesale dumping like we saw so often during the merciless decline from October to March.

Plains All American (PAA) which lately has been holding up well is up nearly 1 point. Inergy Holdings (NRGP) is up a nice fraction as well. Meanwhile Atlas Energy Resource (ATN) is down 1. Linn Energy (LINE) Buckeye Parthers (BPL) are down strong fractions.

10 year auction results due out shortly and that should be the drive this afternoon. Its now or never.

2009-07-08T08:39:00.002-04:00

MLP INDEX STILL HOLDING ON (BARELY)

We somehow are managing to hold above all the moving averages on the MLP index and this of course is a good. The Dow industrilas meanwhile broke below 8250 yesterday by 100 points and this is not a good sign and 7900 likes below as perhaps a possible line in the sand. Now we can reverse this move if we can return above 8250 but we better do it in a hurry.
The MLP index meanwhle sits right at 220 and actually can take a trip down to 210 and still be okay in its uptrend. Also MLPS are getting some yield support here as buyers are going to stocks with a little yield and safety. With credit markets not nearly as stressed some risk money is coming into our group; at least relative to everything else.

Notice on the charts below that the MLP index continues to outperform the S&P index and the DOW by a sizeable amount. We are coming close to year comparisons which will begin to remove that lovely collapse that occured.

The 5 day comparison is pretty interesting as we are not dropping at anywhere near the same force as the rest of the market.

So this morning we are looking around and not seeing much going on. Crude continues to correct. Nat gas continues to just go down as apparently it has no value. I know there was alot of news yesterday concerning the UNG and possible restrictions on commodities buying in these etf's. Frankly i don't think this is a big deal as when markets go up..they go up. I know that sounds a bit simplistic but the fact is if demand for nat gas shows up one day..nat gas will go up in price even if the UNG can't buy more contracts and issue more shares.

No other corporate developements and no upgrades or downgrades.

2009-07-07T15:02:00.000-04:00

Looks like we can wave goodbye to 8250 on the dow and 220 on the mlp index as the support is collapsing here. Could get ugly in the last hour.

2009-07-07T14:22:00.000-04:00

I guess nat gas is going to zero! I would have thought 3.50 ish was a good place for a bottom but apparently it looks like we could test 3 bucks and even go to a 2 handle.

Throwing in the towel on that trade.

2009-07-07T13:49:00.002-04:00

In so many ways this day is pretty much like watching paint dry. Down 75 dow points and off the lows. Kind of just gropping along trying to hold 8250 and 220. But its just so darn boring.

Nustar(NS)is down 1 and change as the biggest loser. DCP Midstream (DPM) up 59 cents as the biggest winner. Most mlps are lower fractionally today.

Its hard to blog and get inspired by today's tape.

2009-07-07T08:26:00.002-04:00

REVERSAL MONDAY..OR
AT LEAST OFF THE LOWS

It looked like it was going to get pretty nasty yesterday as 8250 on the dow and 220 on the mlp index wobbled a bit but both levels held and the dow closed near its high of the day and the MLP index came back to cut its losses to about 1 point. The bottom of the recent range has held so now lets try to mount a rally from there. Most pre open indices are flat to a touch higher. Even nat gas is up a whopping .007 of a cent! Glory!

No corporate developments on my screen this morning. A few pre-open trades on Linn Energy this morning up 28 cents but no news that i can see. It looks like a typical summer morning here.

Once again we held the bottom of the range so im looking for some upside today.

2009-07-06T13:43:00.000-04:00

220 on the mlp index and 8250 on the dow appear to be holding. Dow has turned higher by a few points. Watching optimistically!

2009-07-06T10:43:00.001-04:00

If you ask me...i cant believe nat gas can get any cheaper...but then again there isn't exactly a shortage of the stuff and when your factories are running at 65% of capacity and no sign of hot weather anytime soon in nat gas usage areas...why buy?

On the otherhand we are practically back to 3 dollars. Why not just give the shit away!

2009-07-06T10:21:00.003-04:00

One of the best perfomers of the last 6 months continues to roll along up another dollar this morning at just under 42. Inergy Group (NRGP) just continues to outperform.

The mlp index is down just under 3 points this morning with the dow down about 60.Alliance Resources (ARLP) Sunoco Logistics (SXL) and Atlas Energy Resources (ATN) are down over 1 point apiece. Fractional losses litter the board with Nustar (NS) Energy Transfer (ETP) and Holly Partners (HEP) down major fractions.

Small winners list includes Amerigas (APU) and Martin Midstream Partners (MMLP).

8250 on the dow tried to hold this morning but is looking very wobbly.

2009-07-06T08:42:00.002-04:00

SOFT START ACROSS THE BOARD

After Thursday's down day of 2 plus percent on the dow we can take solace that mlps only lost 1/2 of 1% which was nice relative outperformance (doublespeak for being down less). Now this morning we have softness across the board. Oil is down sharply by over 2.50 a barrel and Nat gas has broken below its lows. So a lot of headwinds are out there to start off the new week after the holiday weekend.

The dow has support at 8250 and we will open below that this morning. So this has the makings of an important day and we will watch closely.

Quest Energy LP (QELP) is taking humpty dumpty and putting it back together again. Here are the terms

Under the terms of the Agreement, each share of QRCP would be exchanged for 0.0575 shares of NewGasCo common stock, each common unit of QELP (other than those owned by QRCP) would be exchanged for 0.2859 shares of NewGasCo common stock, and each common unit of QMLP would be exchanged for 0.4033 shares of NewGasCo common stock. Upon completion of the Merger, the equity of NewGasCo would be owned approximately 44% by current QMLP equity holders, approximately 33% by current QELP equity holders, and approximately 23% by current QRCP equity holders. The transaction is expected to be tax free to QRCP's shareholders and taxable to the unitholders of QELP and QMLP.

Enjoy yourself following that one and make sure you have a scorecard.

Not much else happening on the corporate side this morning and nothing on the upgrade downgrade list so far. The dollar is stronger this morning which lately has not been good for equities. So we wait for the open and we will go from there.

The weather this weekend was spectacular and i actually went to the beach. We had a horrible June here so it was necessary to take advantage of the great outdoors.

2009-07-02T14:53:00.002-04:00

Sorry guys. Took the day off today. See you Monday morning.

2009-07-01T12:34:00.002-04:00

MLPS are up 1 on the index with the dow up 100 points. No big movers on the upside but we do have fractional gains. Inergy Holdings (NRGP) and Global Partners (GLP) were among last quarters big winners and they are off fractions today. Otherwise mostly fractional gains among the the usual suspects in the group.

2009-07-01T07:50:00.004-04:00

NEW QUARTER BEGINS!

Hard to complain about the first half. Total return for MLPS exceeded 30% and this compares to a basically flat S&P 500 and a down Dow Industrials. Yesterday we saw a lot of maneuvering around and this morning we see futures are higher and crude oil is also higher. Nat gas of course is straddling the bottom and is down a little. Not much is happening on the corporate front as we have no news on any individual issues.

One of the better movers last quarter was Inergy Holdings (NRGP) which is the GP of Inergy LP. During this stretch the company has boosted this distribution from 64 to 75 cents. And the stock price has gone from 14 just before last Christmas to 41 yesterday and not too far from its all time high! Not too shabby!

Here is an interesting blog you should take a look at. Its sort of an on this date in the Wall Street Journal in 1930. Interesting perspective. Sometimes the more things change the more they stay the same.

2009-06-30T07:46:00.003-04:00

END OF QUARTER END OF HALF

A good first half of 2009 for those of us who reside in MLP land. We began the year with the index at 176 and we are now at 222 up 46 points plus 2 payouts. That works out to a 26% gain with total return over 30 percent. Not too shabby. Crude has rallied back to about where we started 2009 and Nat gas continues to bounce along a bottom as it has not rallied at all and is down nearly 50% since the beginning of the year. I still think that nat gas is the play for the second half.

Look for end of quarter games to go on today and that could boost up some prices as portfolios get dressed up for inspection. RBC Capital raises Legacy Reserves to outperform from market perform. Otherwise we have no corporate headlines today. Crude and nat gas are running a little lower ahead of the open with stock futures flat but its early in the day.

Tropical Weather will be an issue one of these days but maybe not today as the tropics look about as dead as they could be. But then again this time of year usually is a quiet period even in the most active of seasons.

2009-06-29T09:29:00.001-04:00

Teppco opens up 1.50 higher in the early going. Stefil Nicholas starts Oneok LP (OKS) at a buy and that mlp opens higher as well but has turned a few ticks lower. Wunderlick starts Transmontaigne (TLP) at a buy and its up 1.

The mlp index opens up over 1 point.

2009-06-29T07:22:00.002-04:00

MERGER MONDAY AS
ENTERPRISE BUYS TEPPCO!

The deal was put on the table awhile ago but now its final and Teppco holders will get 1.24 shares of Enterprise (EPD) which gives us a closing price of around 31 bucks for Teppco holders based on Friday's close.

The combination makes this the largestpublically traded partnership out there. We have been hearing for months about consolidation in the group and we'll see if this lights a fire underneath some mlps today. But it is a boost of confidence to see this happen. Enterprise GP (EPE) will be getting 1.3 million shares of EPD in order to keep the 2% GP stake.

Also in the news this morning we have Breitburn (BBEP) re hedging their holdings and monetizing some of them and using the money to reduce their debt. They are also adding additional hedges.

This morning we have stock futures up a little. Energy flat to a little higher as well. Looks like we are going to have an up open to get things started on this holiday shortened week.

Finally we have the march to greatness this weekend!

When a horse takes out Ruffians stakes record you have to sit up and take notice.

2009-06-26T13:22:00.003-04:00

CONSTELLATION CUTS PAYOUT!

Sorry for the late first post but im on triple shift with a fried brain. They sat down and did the math and reset the borrowing base for Constellation Energy Partners (CEP) which means a distribution cut. No surprise really but the stock price is getting cut by 30% today anyway. Its under 2.50 now. That is the big corporate headline today. MLPS are higher today with the index up nearly 3 and over 220 again. Looks like we finished the corrective move from 233 down to 210 in a hurry and we are now back in between those levels. The market itself today is mixed to a little lower as of this post.

Amerigas (APU) and Energy Transfer Partners (ETP) are the biggest winners today up 1 point or more. On the losing side just a few mlps are down small fractions. Crude is down but nat gas has turned higher.

There is disturbed weather in the Northwest Carribbean that will head into the Gulf of Mexico this weekend that needs to be watched for tropical storm developement. Just throwing it out there for weekend positions and perhaps for trading next week.

2009-06-25T15:08:00.001-04:00

Regency Partners (RGNC) gets an overweight nod from Morgan Stanley and the stock is up 1 and change today.

MLP index holding on the nearly a 6 point gain as we head into the last hour and the market has a head of steam as we move into the close.

2009-06-25T13:35:00.001-04:00

Everything is up in mlp land today with the index up nearly 6 and closing in on 220 after being down near 210 2 days ago. Nustar (NS) and Holly Partners (HEP) lead the way higher up 1.50 apiece.Sunoco Logistics (SXL) Plains All American (PAA) Enbridge Energy Partners (EEP) Magellan (MMP) all up 1 point or more with the dow up almost 200.

Looks like the correction is over.

2009-06-25T09:25:00.000-04:00

I still think Nat gas is bottoming. Higher in the pre open.

2009-06-25T08:32:00.002-04:00

STRADDLING THE SUPPORT LINE

MLPS yesterday tacked on 2 plus points to 214 as we are straddling the rising moving averages here. Market moves yesterday off the fed meeting caused the usually amount of volitility. We are pretty much in watch and see mode here as we try and figure out where the next big move is going to take us.

We seem to be in a corporate news vacuum as we near the end of the quarter. Nothing on the headline list this morning. and i can't find anything on the upgrade downgrade list. So let us crawl to the open and see what happens. Stock futures are a little lower this morning after being up all night. Energy is up this morning ahead of nat gas numbers which we know will be bearish.

NY area has not seen 2 days of sun in a row all month and it has rained for 23 of the last 25 days. Its the third coldest and second wettest June on record. We're all moldy around here.