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Saturday, December 31, 2005

Decided to interrupt my weekend thanks to Teppco and its news that came out at 7:15pm Friday. Why not wait until the ball dropped in Times Square but they sure picked a time when everyone was of course long gone and we can sit here for three days speculating.

Its the general view among many on the message boards that Teppco will be taken over by Dan Duncan and folded into Enterprise Products Partners (EDP). Check out these slew of messages on the yahoo board for Teppco for other opninons. No one seems to be discussing this on the Enterprise board . I planted a seed there so lets see what it yields.

One could say that the appointment of an "acting" CEO could be a sign since recent other corporate moves involved moving EPD people into the Teppco heirarchy. Folding Teppco into Enterprise probably makes sense for Duncan. I'll be curious to see market reaction to this on Tuesday morning. If there were a takeover please remember that Enterprise's takeover of Gulfterra was done at almost no premium to the trading price. If this merger were to occur my guess is a stock swap and i am dreaming of 1.67 -1.75 shares of Enterprise for each Teppco share ($40-42 bucks).

Of course this could all be one big fantasy here but as for thought.

Friday, December 30, 2005

You can see the year end pressure coming off as the group has been firming up all day...a few exceptions but for the most part higher.

Anyhow again HAPPY 2006...filled with upside and distribution increases...see you all next tuesday
Sorry for the lack of blogging...i don't know if its having worked a double shift...or that its new years...or that teppco is up for the 3rd day in a row.

Lots of near end noise and some early session dumping in Crosstex (XTEX) which plunged to 32 at the open and is now back to unch...HILAND which was +2 and change yesterday has given 1 and change back...otherwise its just year ending with a firmness in most issues. Plains All American is down near its low.

Unless there is an earthshattering development...HAPPY NEW YEAR!!!

Thursday, December 29, 2005

After some early selling there has been a gradual firming of prices..hell Teppco is up for the second day in a row. Valero LP just turned green...Enbridge Partners is +1 and there are some nice fractional plusses in some of the MLPS....Plains All American is the biggest lower down 40 cents. No news on any of these.

Also note the blog roll i've added a new insider site which has lots of info about insider trading. Take a look.
Good Morning!

No news this morning so i guess its more of the same. Year end distortions continue but only 2 days left of this nonsense.

Lots of Bargains in MLP land with yields over 8% in some that are growing their distribution like Atlas Pipeline Partners (APL) and not Teppco (TPP).

Watching the tape as always.

Wednesday, December 28, 2005

Teppco in serious danger of closing higher!

Mostly lower again today with some bouncing here and there. Looks like some organized year end dumping by somebody. Yesterday it was ATLAS PIPELINE and ENBRIDGE ENERGY PARTNERS...both were down 1 or more yesterday and they're up today. Today they're shooting Holly Partners down 1 and change...and Tortoise Energy down 1 even.

Teppco is up as we speak...trying to break a 10 day losing streak.
Apparently after yesterday the general opinions are that winter is over and MLPS are dead. There are IMHO real bargains out there. Atlas Pipeline Partners was yielding over 8% at the close yesterday with a spread of 3.7 above the 10 year!!! Looks like they are trying to bounce them...hell even Teppco has been green on the screen for the last 15 minutes...(alas i spoke too soon!)

No corporate news....3 trading days including today left for final tax loss selling. Yesterday was last day for 2005 settlement if thats important to some traders.

Tuesday, December 27, 2005

Looking ill here in the last 15 minutes...most at new lows of the day....wholesale dumping into the bids (what few there are)...1 point minuses with Hiland, Valero LP and Atlas Pipeline while the GP on Atlas is down 2 with the other major nat gas stocks. Fractional losses across the board. Not a plus sign to be found. Solace in Energy Transfer and Sunoco Logisitcs which are down just a few pennies as of this posting.

When will the ugliness stop??? BTW no corporate news to speak of.
No real recovery here although they've at least stopped going down below the earlier days lows. Today is the last day you can sell for settlement in 2005....still three days of tax loss selling or year end profit locking left if there are any profits left to lock in.

Ten year yield chart is breaking down which should put a solid floor in these things but i've been chanting this for weeks now and the market is not listening.

Teppco looks very sad. Beginning to believe that a distribution cut is in the offing!
Good Afternoon.
Sorry for the late going but had torun around this morning. Everything energy is collapsing so MLPS are following suit even though the 10 year is supportive and breaking under 4.40%. Teppco is down 1 and change and really breaking down badly....if this area goes...I think its a distribution cut being telegraphed and we're headed for 26-28. Atlas is down 1 and change. Big fractional losses across the board. Markwest is actually up a few pennies; Energy Transfer and Buckeye also seem to be holding up well.

Saturday, December 24, 2005

Friday, December 23, 2005

The day is ending.....Valero LP has stopped bleeding...Teppco has not...Good night and MERRY CHRISTMAS TO ALL!!!

this could also be Teppco stock. Yield now at nearly 8% with the stock down another 33 cents. Either its a screaming buy in here or the price action is screaming distribution cut.

your choice

Teppco's down again...going for 7 days in a row. Most of the moves this morning fractional and slightly lower.

Another Christmas Cartoon!

Another one of my favorites!

Please note that i have updated the blog roll. I've added a link to CLOSED END FUNDS. It is a very useful sight with info on how CEF's work. Please visit. Also visit this blog on CEF's. I am adding this to the blogroll as well.

Sharing with you one of my favorite cartoons!

Good Morning. Friday before Christmas Weekend.....Trading should be rangebound nothing so far. Tax loss selling should be abating now as we're past peek volume for the month. There was some firming late in the day yesterday in MLPS....lets see if the trend continues.

Thursday, December 22, 2005

At least a few hopeful signs going into the close...Valero LP is up 52 cents and may actually try and close near its high for the day. Hiland LP is up 63 cents....most MLPS are fractionally higher albeit small fractions and even the losers are down less than 25 cents for the most part,

Teppco down 11 cents...a year from now at 11 cents a will be at zero!
Week is slowing to a crawl now with Christmas fast approaching. transit strike, end of year, etc etc etc so i was slow to blog today. No action really...some bouncing here...some light selling there and no real news to move 'em either way. Teppco down another 13 cents...This death by a thousand cuts is is in an area where it must hold otherwise the next major support is down in the 26 area.

Wednesday, December 21, 2005

I guess it would be too much for both Teppco and Valero LP to close higher at the same time but right now Valero would make it one out of 2.

Losing 2+ is Markwest and its down 6 points in the last few days....still no news here. Mixed in the group today...moves mostly small fractions. At least we're one day closer to the end of tax loss selling.
Well the tone is a bit firmer today; probably being carried by the broader rally. Tax loss selling should be peaking in volume right now and as the pressure comes off the group we should see some bounce. I am still convinced we're putting in a bottom in here for a good rally.

Fractional moves dominate most moves are small. No real news.
Good Morning,
Late night in Manhattan again last night with a Handels Messiah Singalong at Avery Fischer Hall...lots of fun...very tired. And i know all the unused ways into Manhattan and had minimal trouble with traffic!

Okay so Valero and Teppco are up this morning but the day is young. No news today. I think it stays this way until Jan 2 take your tax losses while you can if you have them.

Tuesday, December 20, 2005

The sinkhole Teppco sits in seems un-ending. On the charts its testing its MAY 2004 low which can extend down into the 32-33 range intraday...will it go that low again????

And Valero LP also can't get out of its own way and that one is near its August 2004 low in the 49 area. Yesterday's late afternoon Deuthce upgrade was a waste. 4.47 on the 10 year. Oil and Gas majors are higher.
Some headlines crossing the tape. INERGY (NRGY,NRGP) says it saw strong demand during its "open season"on its Stagecoach II expansion project.

Also Energy Transfer Partners has increased the size of its GP IPO though no story link is available as of this posting. Will post link when available.
Good morning,
Late in the day yesterday we had Valero LP being upgraded by Deutche Securities and Energy Transfer downgraded by Deutche Securities. No impact on ETP but it did cause a few upticks in VLI.

Pre-Christmas/Transit Strike trading so it looks to be more of the same stuff. No news this morning so we may just be appointment only from here on until after new years day.

Monday, December 19, 2005

Its been a death of a thousand cuts today with another slow grinding selloff that takes off fractions. I still think this is a bottom and we should rally nicely from here but my calls tend to be a shade early.

Still new lows in Teppco and Valero LP as tax loss selling or just plain selling continues. Markwest is down 1.31 with no news. In fact except for a few of the closed end funds which are up a few pennies...everything is down today.
Good Afternoon

Sorry for the late posting this morning but i had another funeral to go to...its been a December to remember here as 8 people i know have died. I hope this is the last for awhile.

Looks like end of year mode has begun...Tax related selling has taken Teppco and Valero to new 18 month lows. Markwest Energy is down 1 and change to under 45. Seeing small fractional moves elsewhere with no corporate news.

Friday, December 16, 2005

Friday trading in MLPS is usually uninspiring and today is no different. Valero LP hit at fresh 52 week low at 51.27 and Teppco of course is soft. Everything else is straddling fractions in either direction with no news.

The chart in my last post was the 10 year note price not the the yield. Here are the daily and weekly yield charts of the 10 year note. The daily needs a decisive break under 4.39...the weekly has been pretty much in a trading range.

Good morning. Went to see La Boheme at THE MET at Lincoln Center last night. It was my first opera. The main character dies at the end...the audience dies far sooner!

There has been a general thesis being put out there by MLP observers that rising interest rates have hurt prices in the last 3 months. I would contend that while prices have been hurt the cause may have been more the huge amount of stock offerings and the market correctly anticipating this...rather than any rise in long rates. My reason for this is plainly and simply long rates not only have not really risen in the last year but are still below the April 2004 peak at 4.90%. Short rates have climbed and i think you could argue that risk free 4% is attracting some shorter term money away. The yield spread which shrunk to under 2 at one point in July have now risen to over 3 in some cases like APL and MMLP.

I bring this up mainly because the 10 year yield has been falling since reaching 4.64 a few weeks ago and if you look at the chart we be ready for 10 year rates to drop which of course is supportive to MLP prices. Add to this is the improving technical action in the group and i think (in my never to be humble opinion of course) that the correction in these stocks is over and its time to buy! Again look for the strongest looking charts...

Yields are falling this morning...futures are higher...crude is lower. No news or upgrades/downgrades so far this morning. Waiting for the open.

Thursday, December 15, 2005

Its plus 30 cents to minus 30 cents and everyone is somewhere in between. Consolidating gains from yesterday. Plains All American at 41.43 continues to hold most of yesterday's gains.

No news to speak of this afternoon.
Good morning.

No news from late last night and this morning and no upgrades or downgrades so i figured i let them open up first and trade for a hour. Huge nat gas draw down has put a bid under gas stocks after selling off in the first hour.

MLPS are either side of unchanged this morning all the moves small and fractional. 4.49 on the 10 year. Looking for these stocks to rally later today.

Wednesday, December 14, 2005

13 minutes before the close and Teppco is still up!

Actually a good day today. The best looking charts were up the strongest today. Plains All American is +1.15 on its upgrade. Energy Transfer is up 60 cents and so is Pacific Energy Partners. Magellan Midtream over 33 again up 21 cents. Also fractional gains in Atlas Pipeline and Markwest. Northern Borders Partners at 42.99 now as it bounced off its low. Duke Midstream Partners the new IPO has quietly moved up to 25 from 23 in the last few days.
Don't look now but Teppco is back over 36.
Thought i'd wait for awhile to see if gains would stick and for the most part they have. The best looking charts have had the best day so far. Energy Transfer Partners is up 56 cents and Plains All American opened up 1.50 and then sold off to almost unch and is now up 65 cents. Also we have a plunging 10 year yield from yesterdays pre fed move high of 4.55 to 4.44 as of this posting. No other breaking news this afternoon but the action is improving. Northern Borders making it 3 days up in a row!
Good Morning,
Lets start the morning with an upgrade of Plains All American Pipeline by RBC Capital Markets to outperform from sector perform. Then there is news from Teppco about its credit line and also from Energy Transfer Partners.
No other news this morning so far.

Tuesday, December 13, 2005

No after market news so far...Most MLPS mixed...moves on the small side. Teppco couldn't hold it...Valero LP closed higher by 30 cents..and Northern Borders makes it 2 in a row!

Posted chart above of 4 MLPS and 1 GP. Energy Transfer is the best performer in this group and NRP the worst over the last 3 months. ETP is -3% the rest are down about -9 to -13 %. APL had a stock offering; the others did not.

Now the chart at the top are what i consider to be the 5 outperformers during this correction and perhaps should be looked at seriously as the next group leaders. Note all are down less than 5% and Hiland LP is actually up slightly...and they had a stock offering along with Pacific Energy.

Food for thought.

News on Kinder Morgan Partners and 2006 outlook. All the broken clocks (Valero Teppco Northern Borders etc) are still higher.

Copano (CPNO) seeing some stock sales...-1.46 with no news. Penn Virginia Resources (PVR) down a buck with no news.
Strange morning. Magellan Midstream gets a negative S&P move on its debt and the stock opens up 50 cents to over 33. Northern Border is i guess still benefiting from positive remarks from Morningstar yesterday...stock up to 42. And...are you ready for this....Teppco is actually up 20 cents so far today....oh my God Valero LP has now moved up a nickle.

Broken clocks i suppose are right twice a day.
Good Morning,
Updated the ticker above with a few additions...if you see your favorite MLP missing from the bunch just post a comment on what you would like added.
No news this morning as we wait for the fed. Crude is up a touch this morning in the pre market. Watching and waiting.

Monday, December 12, 2005

Some after market news. Magellan Midstream (MMP) revised its outlook to negative. Inergy (NRGY) on the other hand was raised its rating to B+ with a stable outlook. These headlines just crossed. Will post news link when available.
Looks like a mixed close. Energy Transfer, Pacific Energy Partners, Hiland Partners, and even Northern Borders Partners were higher today while Atlas Pipeline, Buckeye Partners, Valero, Teppco and others were fractionally lower. But the moves were mostly fractional and volume was nothing inspiring. So its appointment only trading again.

Watching the after market for news. Morningstar had some nice things to say about Northern Borders Partners, TCLP which owns a stake in NBP and Amerigas.
Its a watching paint dry type of morning; fractional moves in either direction and no standouts one way or the other. Last few mornings have started this way and we wind up finishing the day on a firm note.

Watching and waiting for something to happen.
Recieved this question.

when one sells an MLP, does one refer to the first K-1 for adjusted cost basis? I've held NBP for a few years and suppose original K-1 is included with that tax year file (that I bought it) but not sure. Think the MLP would help with guidance in that event?

Any answers appreciated in comment section
Good Morning!
Outside our space but a big deal with Conoco Philips and Burlington if finalized. This along with firm energy this morning might light a fire under all things energy. We'll see. Meanwhile its getting closer to Holiday (or should i say CHRISTMAS) and individual company news is non existant this morning. But it is early.

Sunday, December 11, 2005

Good Sunday Evening everyone.
First off the the weather pattern over the eastern us looks cold to bitter cold at times....there looks to be an arctic dump coming for the week of Dec least thats what most weather models are indicating. This coming week will start cold and below normal in the northeast and then trend to near nomal by week's end. This should continue to put upward pressure on oil and gas prices.

In the news a massive explosion at a British oil depot.
Lastest from the BBC at the above link.

I think MLPS are bottoming here and could rally into year end. Buy only the ones with best charts like ETP and PSX among a few others and i would still avoid Teppco and Northern Borders Partners until their charts show at least some signs of bottoming. BTW for the first time the universe of closed end MLPS are selling at discounts to their net asset values after trading at premimums of as high as 6% above NAV. Check FEN FMO TYG KYN.

Crude oil is up this evening by 46 cents and Natural Gas is up as well by a nickle. More cold air arriving. Cactus Jack has as always an informative post on the yahoo boards. Give it read.Link

Friday, December 09, 2005

The Teppco weekly chart above and below is the daily chart.

As sad as the daily looks at least the weekly chart is in an area of support (Ha Ha!)
Im always trying!
In the interest of disclosure....added to positions today in APL and ETP.....Also repurchased HLND and MMLP.
Teppco doing its implosion which now matches its May 2004 low. Hopefully this is the final blowout.
Bit late getting started this morning with nasty weather...wife's home from school...etc etc etc. And i decided to let some trading happen before commenting.

I am no getting stronger in my opinion that we have bottomed in here and that this is a good place to either add to positions or pick up new positions in the stronger MLP charts as shown yesterday...(see archive). Valero LP looked like it did its climactic plunge to higher and 1 dollar off the low. Copano (CPNO) is up 75 cents. On the downside Crosstex (XTXI) is down 1. Everyone else is somewere in between.

Thursday, December 08, 2005

And now an example of a hideously looking chart...the daily chart of Northern Borders Partners as the price is now nearing at 15 month low. Check out the weekly chart at the top here and the round trip that stock holders have been on. Since we're approaching an 8 percent yield its hard to imagine this go much lower than 40...but with no prospects for a distribution increase this looks like dead money at best.

More plus signs and watching the tape in the last 30 minutes MLPS they seem to firm into the close. Ranges very tight today on many in the group and IM(never to be)HO i think this is a good place to pick up bargains. Energy Transfer has one of the best looking charts in the group and Hiland LP for those who want to be a bit more speculative. Again no guarantees from the management here but i think there is light at the end of this rather long corrective tunnel!

Above are some of the better looking charts.
Good afternoon...sorry for not blogging this morning but had to run into NYC and just got back. I see i did not miss much as everything is between +25 cents or -25 cents. Crosstex (XTXI) is down 1.25 but with no news. In fact no corporate news on any of the companies.

thats the raymond james link and its also on the links column

Wednesday, December 07, 2005

As the market sold off this afternoon MLPS did seem to catch a bit of a bid and there is a firmer undertone as money moves around. I still contend that selling seems to be drying up in here and that we may have seen the lows in most of these....would like to see the 34 day moving averages move up and cross back above the 200 but that will require some work.

When corrections are underway they can be painful and grinding and just not fun. But it is wise during this time to perhaps find the ones that are outperforming so when the next upleg begins you might have the next leaders. In the interest of disclosure I own all three. But of all the charts of MLPS...and if you are a chart reader. These three look so much better than the others.

Energy Transfer Partners (ETP) probably is the best looking as it seems to be emerging out of a basing pattern. The other two (Magellan Midstream MMP, and Sunoco Logistics SXL) still look like they are working through their bases. These three do not have that "still in a downtrend look that so many in the group have.

Anyway Food for thought.
Approaching noon time...its still pretty much +25 to -25 on all MLPS...boring boring boring...however i did fix the toilet!!!
Your biggest winner today is up 25 cents...your biggest loser is down 25 cents and everything else is somewhere in between.

I'm going to fix the bathroom toilet.
Good Wednesday Morning.

Somewhat of a firm finish for most of the group yesterday so lets see if it carries over today. Meanwhile on the news front Energy Transfer Partnerss announces a series of aquisitions but they sound on the small side.

No other news to speak of this morning so far. Energy complex is firm as winter continues.

I'm adding this link to the links column. Its to Raymond James and its MLP monthly report. Its a good read on a regular basis.

Tuesday, December 06, 2005

Yields plunging to 4.48 from 4.56 on the ten year plus firm gas and most mlps are higher. Not all but the ones that are down are down just small fractions. Hiland Partners HLND)is up 1.75, Inergy GP (NRGP) +1.50. Fractional gains in Buckeye Partners (BPL), Energy Transfer Partners (ETP), Copano (CPNO) Sunoco Logistics (SXL) and Inergy LP (NRGY).

Down fractions include Holly Partners which opened down 1.50 and is now down 70 cents. Also down are Tortiose Energy(TYG) and Northern Borders Partners (NBP).

Moodys downgrades Markwest's unsecured debt but its a headline and i'm not sure if its the GP or the LP.

Lets see if we can keep a firm tone into the close.
Now that everything is open...moves are literally pennies in either direction. Another watching paint dry start. Teppco news on inline 05 met with a few early sellers and then a yawn.

BTW i don't now how i missed this but Duke's LP came public last Friday.
Good Tuesday Morning.
News from Teppco this morning. They're presenting today at a Wachovia Oil and Gas Conference...they reinterated their guidance for 05'. No big deal here. Atlas Pipeline Partners announcing a priviate placing of senior notes. No other breaking news this morning.

Crude and energy complex is lower this morning but not by much.

Monday, December 05, 2005

Stargas (SGU) is a big gainer today....68 cents and its now a 2 dollar stock!!!

Energy Transfer Partners is 75 cents higher on the distribution and guidance boost. Elsehwhere the picture is mixed with small fractional moves in either direction. The energy complex is off its high of the day. No other corporate news.
I forgot to add this breaking news on Martin Midstream as it buys a shit company....literally!
Well at least its sideways with an upward bias this morning. Even the losers are only small fractions. Stargas has re-arranged the deck chairs on the titanic and the stock is up 40 cents. to 1.80 so a big percentage move.

Not much else happening. 10 year at 4.55...Crude and Nat gas still higher...dow -40.

GOOD MORNING! We begin this monday morning with news from Energy Transfer Partners who is raising the distribution by a nickle (10%) to 55 cents a share and increase earnings guidance as well. Should be worth some upside here. No other news so far this morning.

Energy Complex is rallying this morning especially Natural Gas.

Above is the daily chart for crude verses the 10 year price...Since Hurricane Katrina they have been in lock step...falling crude/rising yields. This chart implies crude will impact the economy as prices rise above 60 dollars.

This is the natural gas chart vs the 10 year. Here its been rising gas/rising yield. The implication here is that rising gas prices will raise yields and be inflationary.

The daily chart on oil/10 year shows how much in lockstep they have been since August.

Seems like the market has discoverd that now we will indeed have a winter as cold air has spread out across much of the eastern two thirds of the US. As per MLPS i am cautiously predictiing that a bottom is being put in place here as volume looks to be drying up in the last several days with some individual selling climaxes occuring. But the charts of most of the group look pretty awful and we need to see these guys to move above their 34 day moving averages. No sign of this yet.

Friday, December 02, 2005

Wake me up when this is over....Every one must have gone home.
Paint drying!!! That is more exciting than whats happening today!
A pretty dull often...most MLPS a few pennies softer. I like down opens like this because its on low volume...buyers usually arrive and drive up prices. We'll see.

Northern Borders sunk to nearly 41. Yield almost 8%. Its looking attractive here.
Good Morning.

Hopefully these things are all sold out...some of the action has the look of a selling climax but bottom picking has not been my strong suit. Unemployment numbers will move the 10 year today. 10 year's initial response to numbers is an easing of yield back toward 4.50%

Inergy GP is out with record earnings after you strip out the numbers. No other news this morning on the corporate front.

Thursday, December 01, 2005

Oppeheimer started coverage today on three pipelines...Pacific Energy Partners at a buy...Teppco and Buckeye at a neutral. Thanks Printeam for the info.

A touch firmer as dow +120 and XOI +28 as it approaches 1k again
Dow +122 Nasdaq +34 XOI +25 xng +7 and MLPS doing very little today. Ten Year at 4.53% at the top of the recent range.

Wake me up when something moves please!
Three of the bigger losers today so far are Northern Borders Partners...-1.16...Enbridge Energy Partners...-.80 and Teppco -.55 and all three have not grown their distributions either at all or relative to the rest of the MLP group.

Mixed action otherwise in the group.
Northern Borders Partners (NBP) is taking 1.10 worth of at 41.65 and approaching an 8% yield. Enbridge Energy Partners (EEP) is down 80 cents and Copano (CPNO) is down 60 cents. Those are the losers today...most others are flat to even slightly higher. Still no breaking news to speak of this far.

Big energy is firm...XOI +15 points.
Good Morning.
Most of these guys cut their losses yesterday by closing time. Its getting to the point where these stocks are severely oversold; yields are approaching 8% in some instances. Atlas Pipeline which has been growing its distribution at a 16% annual clip is yielding 7.8% which is higher than Northern Borders Partners who has not raised its distribution in several years. And some of these like Valero LP is selling for less than it did in MAY 2004 when the 10 year spiked to 4.95%.

I think money flows right now are out of energy and into technology and MLPS are being sold as a source of those funds. And they don't seem to be attracting new money. But the 10 year spread being over 3 points...we are at the top of historical range.

No news on the corporate front this morning.

Wednesday, November 30, 2005

Some dumping of Atlas can buy it at 40.90 with nearly an 8% yield and a record of increasing distributions....Some blocks on the buyside now at 41. Valero LP and Teppco holding...some selling in Buckeye. All in all its not pretty but i am turning more bullish as yields on these stocks are at their highest levels of 2005. Unless the 10 year yield spikes to 5% or higher....these stocks are at bargain levels...imho of course!
Looks like once 37 broke...the sellers came in on Teppco with a 22,500 share block and a quick implosion under 36.70. This is an 18 month low in price on TPP. Valero LP trying to hold 52 here.

Minus signs prevail pretty much now across the board. Crosstex (XTXI) was up over 1 now barely up at all.
Some dumping of Valero LP shares at the open and at a new 52 week is Teppco which continues die a death by a thousand cuts. Crosstex (XTXI) is up 1.14 to just under 66...the LP is up a few pennies. Otherwise its mostly lower and MLPS will have their 4th straight down month when trading closes today.
Good Morning.

Since there is not one iota of corporate news this morning... i waited until now for the first post of the day. Ten year yield dropping this morning to 4.46%. And while the energy market sold off on winter being cancelled...i will reinterate the weather pattern turns colder beginning Friday and remains so for the next 10-14 days.

Enterprise Products Partners priced an offerning last night at 25.54.

Watching and waiting for the open. Martin Midstream Partners has been firming on increasing volume for some reason or another.

Tuesday, November 29, 2005

Sorry for late posting today...2nd funeral in 2 days. They're dropping like flies around me lately.

MLPS continue to do nothing for the most part. Enterprise has some news about expanding its LNG storage. Ten year is back up to 4.48 yield. Energy is lower while big energy stocks are a little lower.

I need to get my head together here...will post a roundup this evening.

Monday, November 28, 2005

So today they've decided there will be no winter and major energy is down hard...XOI -33 points. Let me point out that this pattern is transitory...that is we will be seeing swings like this over the next few weeks...but the overall trend will be for colder weather than normal speading across the midwest and northeast. Its just that today's focus seems to be on the "right now" and it is not even December yet.

MLPS are mostly lower but not by alot. Not much news out there other than the Lehman notes on Crosstex (outperform)...Crosstex up 60 cents...and Martin Midstream which is up 17 cents.
There seems to be a silliness that has decended on the energy complex where apparently we're going to up or down tick on every up or downtick in temperature. Today its warmer than average weather...tomorrow will be the prospect of colder than average weather by weeks end. etc etc etc...

Meanwhile the ten year is at 4.41 and MLPS are mixed. Lehman's overweight of Crosstex is good for 38 cents so far. Otherwise moves are fractional and small in both directions.
Good Morning and Happy post Thanksgiving!

We start this monday with an upgrade. Lehman Brothers starts coverage on Crosstex LP and humbly recommends an overweight position! Pre market bids are above Friday's close. No other news this morning...the 10 year is at 4.44%

Lets see if MLPS put in a solid trading low in mid november and if last weeks tepid rally can gain some steam.

Weather trends look colder in the northeast and midwest after midweek.

Wednesday, November 23, 2005


Good Morning.
Wednesday before thanksgiving so its an early getaway today for most traders. I guess all of the days moves should be done by lunch time and then its just back and forth after that. No news to speak of this morning. Treasuries flat at 4.42 on the ten year. Energy complex a touch lower this morning. Weather pattern no longer looks very cold over the next 2 weeks...once we get past Friday.

Waiting for the open.

Tuesday, November 22, 2005

The fed may be hinting that there may be 2 more rate hikes and then done...and if that is the case the MLP correction that began in July may have run its course. Some upside today in the group took hold at 2:30pm and held into the close. Some losers however include Holly Partners back to 39.25 down .75 and Northern Borders Partners at 43 down 67 cents.

As mentioned earlier Atlas Pipeline Partners priced its offering at 42. And a big 5000 market purchase of Hiland Partners by an insider. This was reported after the close.

Sorry the blogging has been on the light side this week with Thanksgiving and some personal stuff. Looks like everything tomorrow will be in the first 45 minutes and then its nothing of consequence until Monday. Thats just a prediction.

Here is a list of MLP yields as of 11/10 thanks to Utility Stock Blog
Good afternoon. Sorry for the late post today as one of my daughters had some minor surgery this morning and i just got home. Everything okay but can't blog and drive at the same time.

Doesn't look like i missed much anyway...looks mixed on the tape. Majors are higher with XOI +17 and back over 1k. Atlas Pipeline Partners priced its offering at 42.

Cactus Jack suggested 42.75 as an entry point for Northern Borders Partners. Its almost there now.

Monday, November 21, 2005

Much of today's movement has occured in the first 30 minutes and then not much else since. Small fractional moves with a downside volume except in Atlas Pipeline Partners as new stock from its offering begins to be absorbed. Tne year bond at 4.46% Energy complex finished higher.
Good Monday Morning.
Holiday shortened week so my guess is trading that is more appointment only in nature but there is some leftover news from Friday that will move some MLPS.

Lets start off with Atlas Pipeline Partners which 3 news items late Friday. First off its a stock sale of 2.7 million shares. Also rhey will be selling some senior notes. And finally Atlas America is considering a restructering involving APL.

This morning the energy complex is higher. Weather prospects are positive as very cold air is heading for the great lakes, northeast and mid atlantic. And the pattern overall looks cold for the next 2 weeks.

Friday, November 18, 2005

Typical Friday trading with no real movement since the open. Teppco continues to sag and while not at a 52 week low its close to it. Valero LP hit a 52 week low a couple of days ago and at least is bouncing. Atlas Pipeline (ATLS) is up 1 and change on a share buyback. Kinder Morgan nearing 50 again. Its been a relative outperformer in the group lately.
Good Morning! Sorry for the late posts since i was working this morning.

No real news to speak upgrade for Enbridge Energy Partners (EEP) from underperform to market perform thanks to the brilliance of Wachovia. Otherwise the group is trading mixed this morning with mostly fractional moves in each direction. Magellan Midstream and Plains Pipeline are giving back yesterday's gains...others higher by 1/2 pt or less.

Ten year has that 4.5 handle on it.

Thursday, November 17, 2005

Sorry guys...just got back after a day in nyc.

Okay to play catch up...citigroup upgrades Pacific Energy Partners to buy this morning. Another insider purchase this time at Martin Midstream Partners (MMLP). Please note that the only ones i regard as signficant is the open market purchases which is someone buying with their own cash at market prices.

Otheriwise it was a good day for MLPS for a change...just about the entire group was up soild fractions...Markwest was up 1.48. Will report on any late breaking news.
Blogging will be very light today because i have to head into the big city for the day....will post when i can.


Wednesday, November 16, 2005

Buckeye down 1.50 and trading...acting like another stock sale is coming?
There was some dumping at the open at below market prices in many MLPS this morning. Buckeye as of this writing is still not open on the NYSE (BPL)...down 2 and change with no news. Enbridge imploded to 45 on its stock at 46.50. Crosstex (XTEX) and Hiland (HLND) are holding there own as there stock sales seem to be priced in. Atlas Pipeline Partners (APL) is up 25 cents. Yielding nearly 7.50% probably puts a floor under this one.
Good Morning

First off we have news from last night that will be impacting. Crosstex LP priced its equity offering at 33.25. Also on the equity pricing front we have Hiland LP pricing its offering last night at 41.77.

Also i may have missed this but Energy Transfer Partners came out with earnings on Monday night. My apologies for not catching it.

Ten year is continuing to move away slowly from the 4.67 high from last at 4.53 on a decent CPI number. No other news breaking this morning on MLPS

Tuesday, November 15, 2005

Looks like an open market purchase of Martin Midstream Partners if i read this correctly. Reported after the market closed. In fact this is a transaction involving a previous announced conversion of subordinated units into common. No dilution here btw as previously reported in this press release from 10/24.

Also Enbridge Energy Partners (EEP) announces a stock offering.

Another Insider purchase report this time from Holly Partners. At least its encouraging to see some folks stepping up to the plate here. Its an open market purchase which i think is the most important kind of insider buy. No exercise of option or company giving someone shares. This is going out and buying something at full price with your own money.
Uglyness continues except for Atlas Pipeline and Pacific Energy which are up a few pennies and Kinder Morgan which is up a fraction....the group is getting nailed to the wall again for various reasons and none seem to be specific except for Crosstex with a stock offering -1.12. I'll settle for upticks in the ask prices!

Markwest is down 2...Valero and Hiland down between 1 and 2 pts...fractional losses of .25 to .75 cents on average for the rest of them.

Distributions should be appearing in your accounts so this at least allieviate some of the pain.
Not very pretty out there. MLPS selling off rather hard today in some cases. Yields on some of these however have climbed to very attractive levels. With the 10 year at 4.55 here are a few examples.

Atlas Pipe Line (APL) 7.4%
Martin Midstream (MMLP) 7.10%
Energy Transfer (ETP) 5.9%
Teppco Partners (TPP) 6.9%
Valero LP (VLI) 6.2%
Magellan Midstream (MMP) 6.5%
Sunoco Logistics (SXL) 7.0%

I sampled just a few but there was a time last june where the spread between the ten year yield and the distribution yield on these was near or just under 2 we seem to rallying the spread back to nearly 3 points in some cases. The distribution growth has probably prevented the sell off from being worse. Atlas catches my eye with a 7.4% yield and distributions growing at a very fast rate.
A couple of stocks in the group are up but the vast majority are down today. Kinder Morgan Partners is a winner along with Atlas Pipeline Partners and Copano Energy. Kinder Morgan has some news on its deal with Sempre'.

Meanwhile among the losers Markwest Energy Partners (MWE) is down 1.66, Hiland (HLND) is down 1.49 Valero LP(VLI) -1.09 ...lots of fractional losers on the board. XOI is +10 and XNG is +6 though the complex is mostly lower this afternoon. Crosstex is holding 33.75 on its news of an offering of 3.5 million shares.
Most MLPS opened lower...the downtrend continues. First in the news driven moves. Crosstex LP (XTEX) is down 47 cents and holding 34 so far. I'll wait another hour before determining whether the stock sale is priced in or not. Also Pacific Energy Partners is up a fraction on good earnings. Otherwise its fractional losses pretty much across the board. 1 point minuses in Markwest and Hiland but again most if not all of these moves comes on uninspired volume

Maybe the happiness fairy will help us out of this rut!

Some news from last night. At least now we know why Crosstex LP has been in a downtrend. They're selling more shares. Now this should put pressure on the stock this morning but i will point out 2 things. First off the stock may have anticipated this already and that could limit downside. And secondly Hiland LP announced its sale 2 weeks agao and the stock traded down from 43 to 41 and now its at 45. Lets hope! So far no pre market and ask even with the close.

Earnings news and its good news from Pacific Energy Partners. Numbers were good and raising 05 view. (whats left of it.)

Energy complex is lower this morning but let me caution that a much colder weather pattern is evolving for the northeast and great lakes and it could be downright frigid for thanksgiving.

PPI number was very good....core down .3. Ten year yawning.

Monday, November 14, 2005

Corrections are never fun and this chart is proof. The first chart compares 5 MLPS and their performance in the last 52 weeks. Note that in this subset that all 5 stocks are up with KMP and APL near the bottom and XTEX AND ETP at the top.

Notice that in the last 3 months Kinder Morgan has outperformed the other four with Crosstex down the most. So the biggest gainers year over year are experiencing the sharpest pullbacks in here while there is a flight to quality into KMP. It seems to be a grinding correction in here from the July highs.

Meanwhile most MLPS remaining slightly higher and off the morning highs. No news to speak of on any in the group.
A firm open pretty much across the board this morning. A firm energy complex plus stable ten year rates are permitting some nibbling. No huge gainers just a lot of fractional plusses. Some of the bigger winners include Kinder Morgan Partners up 87 cents, Hiland up 98 cents and even Northern Borders Partners is up 77 cents today. No news on any of these stocks.

Good Monday Morning to all.
Lets start the day with news of a Yorktown sale of Crosstex Energy (XTXI). For those of you unfamilar with Yorktown they are a large holder of Crosstex Energy and will periodically dispose of shares. This time it was 1/2 a million shares as per the filing. No other earthshattering news this morning on the MLP front.
The energy complex is higher this morning which could be a bounce from an oversold condition. I promised last week i would blog about weather prospects over the next few weeks. I'll post about this later today. Meanwhile Hurricane season ain't done yet.

A couple of week's ago a friend of mine's horse broke his maiden at the Meadowlands. Here is the picture at the winner's circle. I'm the one smiling!

Friday, November 11, 2005

Time to look at a few charts and see where we may or may not be going. First off Crosstex. Short term downtrend from its 46 high back to a floor here at 36 which is the prior breakout point. Appears to be holding here.
Meanwhile the 10 year yield has hit a wall at 4.60 short term. Double top at least for now. Maybe a trip down to 4.40 yield into year end? A better looking chart in Atlas Pipeline...not a picasso but better than what follows!
Kinder Morgan chart looks like its broken down in here and at a 5/1/2 month low. Its been straight down since selling new shares in the 51.25 area.

Well we're past the open and we can hear the collective yawn. Most moves are small and favor the downside. Crosstex (XTXI) showing $1.88 loss at the open but this is one of the stocks where 3 or 4 buys can have it back to unchanged. No news to trade on.

Kinder Morgan Partners down another 70 cents and trading at a 5 1/2 month low here.
Good Friday Veterans Day Morning!

From last night news of a public offering of Magellan's GP. Magellan Midstream has been a good performer over the last 2 years. Something to look foward to since GPS have done well asa group.

For Hiland Partners holders a conference call is scheduled for this morning. Also Martin Midstream partners announced a closing of its Prism deal

Bond market is closed today for Veterans Day so no trading in the 10 year. Energy complex continues to decline this morning. Look for trading to be light for the most and by appointment only!

Over the weekend i shall try to blog about future weather conditions, the winter ahead, and update the blogroll of links.

Thursday, November 10, 2005

Winners from earlier could not hold on to their gains. Hiland is now only up + .92 and Martin Midstream up 84 cents. Kinder Morgan meanwhile is down 1.46. Valero LP is down 1.01. Holly Partners is up 80 cents. XOI off its low at at 948 ish.

10 year yield dropping back under 4.60.
Winners from earlier could not hold on to their gains. Hiland is now only up + .92 and Martin Midstream up 84 cents. Kinder Morgan meanwhile is down 1.46. Valero LP is down 1.01. Holly Partners is up 80 cents. XOI off its low at at 948 ish.

10 year yield dropping back under 4.60.
A sharp up open for Hiland Partners on earnings and expansion news. Lighting up the board right now +2.47. Martin Midstream traded + 1.49 on record up 80 cents.

The two big losers are Kinder Morgan Partners - 1.26 and Crosstex (XTXI) -1.50. No news on either front. Copano - 1.22, no news either. Markwest still has not opened as it places stock privately.

Big oil and gas stocks getting hit very hard this morning. XOI down 27, XNG -9.

Natgas numbers due at any moment.
Good Morning.

News from after the close last night. We'll start with Pacific Energy Partners who was supposed to come out with earnings. but announced a delay. This would normally cause consternation amongst holders but apparently they found some money they did not know they had! They should call General Motors!

Martin Midstream Partners which usually trades by appointment only reported record earnings. Should provide some upside.

Earnings news from Hiland Partners which was 6 cents better than first call and they announce an expansion.

Markwest Energy announces a private placement of shares at 44.21

No upgrades or downgrades so far.

Wednesday, November 09, 2005

Crosstex is back up on the day after a morning where it was +1 then -2 and now its +.21 going into the last hour. Meanwhile earnings are out from Trans-Montaigne LP and the stock is up 40 cents.

Hotel Bombs going off in Jordan...civil war in France...riots elsewhere. Ugh!
Crosstex this morning has been all over the place...first opens up 1.21...then implodes from 37.44 to 34.01...Now on a rebound back asking 36.20. All this while Crosstex (XTXI) has not been volitile and is actually up 3 cents. Strange!
More red then green on the screen this morning... and it doesn't help that the ten year yield is back over 4.60%.

Copano (CPNO) down 75 cents as they sell the earnings news. Inventory numbers bearish overall but i find that oil stocks don't often react the way you expect them too. Right now the group is weak (XOI -12). Crude down 61 cents.

Oil executives testifying before the senate circus. If anything earthshattering is said...i shall report. But don't hold your breath.
Just watched CNBC Mark Haines interview Senator Byron Dorgan on his porposal for a windfall profits tax on oil companies. Mr Haines did a great job i thought pinning this socialist into a corner. A windfall profits tax didn't work in the late 70s early ain't gonna work today!
Good Morning!
We'll start with last nights news on Copano and earnings. Numbers look good. Pacific Energy Partners earnings due out after the close.

No breaking news this morning and no upgrades or downgrades. Ten year yield up slightly while the energy complex is lower.

Tuesday, November 08, 2005

Mostly green on the MLPS screen this afternoon. Atlas Pipeline (APL) the biggest winner + 1.30 with nice fractional plusses in Crosstex(XTEX) and Buckeye Partners (BPL).

No breaking news this afternoon..Big plunge in 10 year yields under 4.6 again.
One Crosstex LP (XTEX) of 145 shares at 37.45 is the reason the stock is 1.46 higher. Trade before that was at 35.75 for 100 shares. But the last price is the last least so far.

Otherwise an uninspiring open for most MLPS this morning. No real movement of consequence.
Good Morning!

We begin the morning with earnings from Crosstex Energy LP (XTEX). You have to cut through charges one time gains etc etc. I think the most important figure to look at is distributable cash flow or DCF. Here is the relevant paragraph.

"The Partnership's Distributable Cash Flow for the quarter was $17.9 million, 3.50 times the amount required to cover its Minimum Quarterly Distribution of $0.25 per unit, and 1.54 times the amount required to cover its distribution of $0.49 per unit. As previously disclosed, the Partnership sold certain idle equipment for $9.0 million in 2005, and during the third quarter, the Partnership received the final $5.4 million of funds for the sale, which is included in Distributable Cash Flow for the quarter. The $11.5 million charge for the mark-to-market value of the puts did not affect Distributable Cash Flow. Excluding proceeds from the sale, Distributable Cash Flow for the quarter increased $2.1 million, or 20.2 percent, over Distributable Cash Flow of $10.4 million in the 2004 third quarter. Distributable Cash Flow is a non-GAAP financial measure and is explained in greater detail under "Non-GAAP Financial Information." Also, in the tables at the end of this release is a reconciliation of this measure to net income."

So we'll how the market reacts to this. I don't think there was any real surprise here. The conference call is at 11am eastern time and you can access it here.

No other new upgrades or downgrades so far.

Monday, November 07, 2005

Its never a good thing when a stock opens up 1.40 and gives it all back by 11:22 am. The stock in question is Teppco. More proof that Teppco is dead money for awhile. Teppco up all of one cent!
A lot of minus signs showing up now. Northern Borders Partners down 1, Crosstex (XTXI) pulls back from a breakout..-1.31. Teppco opened up 1.40 now up just 36 cents. Plains All American down 60 cents. Kinder Morgan Partners is down though it has news on its lng pipeline and who is supporting it.
An odd open for Teppco. They had an insider buy reported late friday before the close and the stock did nothing,...this morning it opens up 1.40 and off course immediately sells off from there. Up 91 cents as we speak. Other moves are small and fractional for the most part.
Good morning,
Energy prices continue falling this morning...crude down about 50 cents. Ten year yield opens lower at 4.62%. No individual corporate news so far this morning. No upgrades or downgrades yet.

Earnings this week from Crosstex and Martin Midstream.

Friday, November 04, 2005

Some MLPS have firmed up this afternoon after selling down this morning. Atlas Pipeline Partners has come back to the flat line...while Buckeye is higher and so are a few others.

Breaking insider purchase of 4000 shares on the open market for Teppco!!!!

I've put up the above charts to illistrate that we may be in a period where General Partners are out performing the limited partnerships. This is especially true of Crosstex where the GP XTXI has sharply outperformed the LP XTEX. This outperformance seems to have become exaggerated since 10 years began to climb toward 4.75. While these outperformances can continue i wouuld suspect that GPS moving sharply higher should carry the LPS along for the ride at some point.

Last hour!

Energy related stocks are selling off hard this morning (outside the MLP group) has not spread to the MLPS per se' although some are down and ATLAS PIPELINE was down 1+ before rebounding a bit.

10 year at 4.67% and as long as that continues to rise it will put an upside cap on prices. But distributions are growing at a fast rate which probably takes the edge off.

Hiland (HLND) should be pricing its offering perhaps today.
Not much really to talk about this morning. Some of these MLPS seem to be dropping on what is probably the post distribution selling that tends to happen. No news no upgrades no downgrades.

If this is a typical friday....maybe everyone should go home early!
Good Friday morning!

No news to speak of this morning and no upgrades or downgrades either. Just a typical Friday morning. 70 degrees today in NYC. Nice fall day as the leaves turn!

Eyes on the tape as we await the open!

Thursday, November 03, 2005

Even good earnings and a 15% dividend increase wasn't enough to keep Enbridge from selling off after an initial pop over at 30.50. Meanwhile most MLPS aren't doing much. On the upside today is Valero LP EX-DIS by .855 and its up news. Crosstex (XTXI) as shown earlier is on the verge of a breakout again...up 1.10 at 67.10..Crosstex LP (XTEX) however lingers near the flat line and is 9 points off its high.

Kinder Morgan priced shares at 51.75 and its down 1 from there. Northern Borders rose initially on earnings but now is down a nickle.

Last hour underway.
Afternoon trading begins...not much happening really. Most moves are fractional and could be in either direction with no real conviction. Energy Complex is up nicely and the XOI is back to 1022 and change.

Watching for any breaking news one way or the other.

Opening was on the firm side for most MLPS....Northern Borders up a fraction on the earnings. TCLP which owns a ton of Norther Borders is +1 and change.

Kinder Morgan is selling more shares (again) and its down 80 cents. Crosstex Energy (XTXI) is breaking out to a new high and could be the beginning of another upleg into the 70s.
Good Morning.
A bunch of ex-dis MLPS this morning including Atlas, Buckeye, Sunoco Logistics, and Valero among others. No news this morning of any consequence. Teppco filed and 8k for an investors conference...I scanned through it and saw nothing new but if you wish you can scan for yourselves. If I missed something let me know.

Last nights Northern Borders issued its earnings and its seems its more of the same. While they raised guidance for the rest of this year they also set guidiance for next year which at first glance is lower than 05.

"Our results for 2006 are expected to be fairly consistent with 2005 from a base business perspective excluding non-recurring items," Cordes continued. "We anticipate net income to be in the range of $2.50 per unit to $2.60 per unit and distributable cash flow to be in the range of $3.65 per unit to $3.85 per unit."

It seems to me that they are playing the game of laying low expectations on the base earnings, this way they can raise guidance as they go along like they did this year. Most important is the DCF of 3.65-3.85 a unit which means that at least the 3.20 distribution is safe. Any upward revisions in DCF might mean (heaven forbid i say it!) a distribution increase? At least with these guys i'm in prove it to me mode. At a 45 closing price yield is at 7%. With the rising 10 year yield this and Teppco continue to look like dead money. I might get interested here if the yield returns to 8 % which means a price down near 40 dollars.

On to some side but related issues. Supposing you are at work or perhaps a smart dinner party surrounded buy those who say we need a windfall profits tax on oil and gas companies because they are so evil. Well thanks to Instapundit he provides a link to give you the necessary points to counteract socialist drivel!

Also if you haven't been to The Oil Drum lately we recommend that you check out recent posts regarding energy consumption.

Also from the strandpoint of political speech please read this blog..and call or email your congressman about protecting the right to blog.

Breaking news on Enbridge with great earnings and a 15% dividend increase! Is it possible that Cramer is right on this one???

Watching the open...

Wednesday, November 02, 2005

n Last hour shenanigans here...looks like tech is the story today so MLPS on the back seat. Fractional moves across the stock in a real hurry to go anywhere. Hiland down 2 and change as per the stock offering.

Northern Borders Partners earnings due after the close today. Stock down 1 ahead of the numbers. Its on the dead money list along with Teppco.
The 10 year at 4.60 and climbing doesn't seem to be bothering the group too much today. Most MLPS open higher but not overly so. Hiland on the stock sale is down 1.49. Tried to short some this morning at 45 but no takers.

Not much else happening so far this morning.
Good Morning!
We'll start the day with an offering to sell....Hiland Partners has filed to sell 1.5 million shares. We'll see where this takes us. No other news so far this morning. The energy complex is lower with crude oil keeping a 59 handle. The fed hike has come and gone so we're quiet on that front for awhile.

Last night Crosstex said they've completed there purchase from El Paso.

No upgrades or downgrades so far this morning.

Tuesday, November 01, 2005

Good Afternoon.
Kinda slow today...had some errands to run this morning so the blogging had to take a backseat so lets catch up.

First off MLPS selling off a touch today but not by alot. Some news on Valero LP with its earnings this morning and a distribution announcement which is static from the last quarter. Still chewing through the Kaneb Pipeline buy...

Holly partners still up 50 cents on followthrough from yesterday's good earnings.

Not much else happening here....losses are mostly under 50 cents. Take a look by the way at some of the closed end MLP funds...some are selling at discounts. First Energy Income trust (FEN) had a closing NAV 0f 23.34 yesterday and trades today at 20.95....2.39 discount is almost 12 percent!

Monday, October 31, 2005

Been tough to blog today with trick or treaters banging on the door every few seconds....a solid close for the most part with nice gains in the group. Wachovia downgraded INERGY..the GP to market perform from outperform. Some late news on Atlas Pipeline and a controlling interest; that is one they've aquired!

Lots of distortions today with end of month and mutual fund end of year activity closing today. Lets see if there is some followthrough tomorrow.
A firm tone to MLPS earthshattering news events nor any upgrades or downgrades. Fractional plusses dominate across the board...1 point plusses in Markwest...Strong fractional plusses in Valero LP while Valero itself is up 5. Also strong fractional plusses in Enbridge Energy with the Kramer plug and Enbridge Partners.
Morning news with earnings breaking on Holly Partners. Crude and Nat Gas are down this morning; stock index futures are higher.

Looking for Atlas Pipeline to extend its rally this week off its great earnings and the new 81 cents distribution. At 3.24 a share going foward APL's foward yield is 6.89 percent....2.30 ish above the 10 year. So i beleive one could argue that MLPS can rise as long as distributions rise at a faster rate then the 10 year to keep the yield in line.

No upgrades or downgrades so far.
Good Morning and Happy Halloween!

Some early after midnight blogging. First a recap from Friday. Cramer on Mad Money gave a ringing endorsment to Enbridge Energy (ENB) and its prospects. Stock climbed to 31 in after hours trading. We'll see if it holds on Monday regular trading. Crude is down slightly from its friday close in Sunday night electronic trading.

Please note that Monday is the last day of the fiscal year for mutual funds. I believe most of the selling and repositioning has been done earlier in the month so we could see some odd moves later in the day.

I will of course be blogging on action later this morning. Checking weekend arcticles and will post the appropriate links.

Friday, October 28, 2005

Not much happening news wise today in this group although we have some reactions.. like Atlas Pipeline Partners which continues to hit the ball out of the park...up 1 .50. Holly just upped its distribution again.

Otherwise there is a firm tone overall to the group.
We begin this morning with Teppco being downgraded by Wachovia to market perform from outpeform...note to're a little late! Look for some pressure again but it could be all sold out after yesterday. It looks like dead money for awhile.

Some nice numbers by Atlas and Buckeye last night...should be moving today.

Thursday, October 27, 2005

After the close...Atlas Pipeline Partners...record earnings and a record 81 cents a share! Was worth the wait! Also earnings from Buckeye with another distribution increase.

By the way....try not to focus on the first call number because it often is not a clean number and you are never sure whether your comparing apples to apples or apples to oranges.
Heading into the close...Teppco rallying off its low near 39...good sign that it did not completely implode..Hiland up 1.25 and few other fractional plusses scattered around. Crosstex up 50 cents...x dis tomorrow. Otherwise most MLPS are a lower but not overly so.
Took awhile but Teppco now down a dollar on negative earnings. Don't forget its also ex-dis by 68 cents so its 1.68 off yesterday's close.
A few opening observations...Teppco opens flat and even with most other MLPS so at least so far earnings not a real factor. Martin Midstream up a few pennies. Markwest boosted the distribution last night by a couple of pennies and the stock is up almost 1. The group is sideways to higher so a good start.
Good Morning.

A bunch of MLPS go ex-dis this morning...Kinder Morgan (KMP), Northern Borders (NBP), Enbridge Energy (EEP) and Teppco (TTP) and Pacific Energy Partners (PPX). Teppco will also be reacting to last nights earnings which did not exactly make one want to jump for joy. Looks like its more of the same for this company and continued underperformance.

Magellan Midstream reports earnings before the open and they look good while Atlas Pipeline will report earnings after the close along with a distribution announcement.

Plains All American reports its numbers and they look good too!

Energy complex higher this morning....stocks slightly lower.

Wednesday, October 26, 2005

Teppco reports...31 cents...not sure if that was a clean number since there was a charge...looks like they lowered the range slightly for the rest of mention of 06.

How much of this is baked in i'm not after hour far
Market Closed....Teppco earnings coming out this evening...Estimate 41 cents
Teppco making a nice run today and for the last couple of days...ex distribution tomorrow and earnings out after the close. Will monitor carefully.

Traded in and out and in again on Martin Midstream....made some nice change on the spreads. No news though the overall market seems to be giving up the ghost late in the day.
Not mcuh happening news wise...most MLPS are firm or if they have losses...they are small fractions. This in spite of the rise in 10 year rates to near 4.60%.

Good Morning,
Energy complex a little softer this morning after yesterday's big rally. MLPS did well yesterday in spite of the 10 year breaking above 4.50 yield. Distributions are growing almost across the board in the group and in some INERGY LP raising it by 20%! And thats year over year.

Some pre-market bids on Sunoco Logistics (SXL) above yesterday's close. Sometimes thats indicative of an upgrade of some sort...but no news has appeared yet.

10 year yields open sharply higher at 4.57%...looks like yields are headed for 4.75%...MLPS may have priced that all in during the correction....I still think as long as yields stay below 4.90% that the group can rally but perhaps the top will be contained.

This just in....the brains at RBC Capital Markets...who 2 days ago reinterated an underperform on SXL have now upgraded the stock to sector perform. I guess they saw something in yesterday's earnings and/or the double distribution increase.

Tuesday, October 25, 2005

Crude up 2 dollars...Nat Gas up 1.34....Gasoline up 7 cents...the 10 year yield is at 4.50 and attempting a breakout...and MLPS are mostly higher! They are being supported i believe by the slew of sizeable distribution increases and the initial good earnings (SXL, KMP) which were not impacted by the Hurricanes.

My MLPS portfolio has gotten back everything it lost in the last 2 weeks or so.
Thanks "anon" for the post...Plains All American joins the we're increasing the distribution chorus with the increasingly long list of others.
Hiland Partners announces a distribution increase. 11% increase to 51 cents
Good morning,

No news this morning but you have to be encouraged by the slew of distribution increases showing up. In case you missed it Sunoco Logistics just raised its distribution for the second time in the same quarter! I expect more good news to flow from the sector as well as good earnings in spite of the hurricanes.

No upgrades or downgrades so far.

Monday, October 24, 2005

Its not often you get a company that increases the distribution twice in one quarter but Sunoco Logistics pulled it off with a great quarter.

Also another increase in distribution for Martin Midstream Partners. Looks like the trend in this group in spite of all the hurricanes is these companies are having great quarters.
Nice move today...except for Enbridge everything is firm...1 point plusses in Valero LP, Plains All American, Inergy and Crosstex...strong fractional plusses all over the place in the rest of the group.

After the close earnings coming on Sunoco Logistics....will break as posted.
MLPS rallying nicely with the rest of the market. Enbridge is down 2 dollars on the Wachovia downgrade...and Sunoco Logistics is down a fraction on an RBC Capital Markets underperform reiteration...other than that its nice fractional plusses across the board. Crude lower but off the lows and XOI is up a nice 20 points.

Eyes on the tape for the remainder of the afternoon.

Good Morning.
Needed some quiet time over the weekend so i retreated from blogging. Batteries recharged!

Some leftover news from friday. Atlas Pipeline Partners coming out with earnings Friday...we should get the distribution announcement by weeks end. Also look for earnings after the close today from Sunoco Logistics. And we got a distribution hile from Pacific Energy Partners.

No news so far this morning. Lets see if the firm tone continues this week. 10 year at 4.40.
Note on the chart above that the 10 year/crude link may be breaking down here....Lets see where this goes. But its more important for the 10 year yield to fall away from 4.50 then whether crude holds 60 dollars or not. Crude now with a 59 handle.

Finally this just in...Wachovia cuts Enbridge Energy Partners to underperform from market perform.

Friday, October 21, 2005

With the 10 year yield down 5 basis points there is a decidedly firm tone to MLPS this morning. Most are slightly higher...losses are contained or in recovery mode on a few.

Bigger oils are dead cat bouncing this morning even with crude at or under the $60 level.

No corporate news or upgrades/downgrades to speak of.
Good Morning!
No news on the corporate front this morning. Oil is down under 60 bucks. Looks like the attention today will be on Google and good tech earnings so we energy MLP folks take a back seat today.

Thursday, October 20, 2005

After the close....Northern Borders Partners announced its quarterly distribution. Someday this company will announce an increase in its distribution. is not the day.
Market selling off hard and taking MLPS with it. Crosstex (XTEX) is higher going into the last half hour as is Martin Midstream. Otherwise its mostly half point or more minuses across the board. Big oils and gas getting hit hard with the XOI down to the 905 support level. XOI is down 185 points from its high in late September...nearly 20%
Afternoon trading is on the soft side with the occasional exception. Crude and Nat Gas are down sharply...XOI heading down to the 905 support level.

MLPS seem to be holding above last weeks lows which is a good thing. Rates being contained at 4.50 on the 10 year plus distribution increases seem to be holding things here.

Magellan Midstream joins the chorus of distribution increases.

Watching the last two hours...expect it to move with the overall market.

Good Morning

Lets start with Kinder Morgan Partners which beat estimates by 4 cents...raised its distribution by a penny and said its outllook was good. It was able to have a great quarter in spite of 2 major hurricanes. This and Energy Transfer's raising guidance yesterday i think bode quite well for the group.

Also yesterday Atlas Pipeline Partners building a new nat gas plant. Still waiting for a distribution announcement.

Crosstex Energy (XTEX) is raising its distribution by 2 cents to .49 from .47. and on XTXI to .46 from .43...great news there!

Wilma still in the northwest carribbean and off its peak intensity. Also of importance is that cold canadian air will be spreading across the eastern third of the US over the weekend...driving temperatures lower east of the Mississippi...a reminder that winter is coming.

Crude is down a bit this morning; nat gas numbers out later this morning.

Wednesday, October 19, 2005

Going into the close...most MLPS higher...Kinder Morgan earnings due after the close. Going to a track meet , then choir practice (tenor)...will blog on results late this evening.
A firmer tone seems to be taking hold God even EXXON is up!

XOI...trying to get back to the flat line. Enterprise Products Partners finally responding to news of upping distribution and 2006 earnings.

Wilma remains a category 5 hurricane as it heads toward the yucatan channel!

Meanwhile not much happening..weekly oil numbers were bearish and group continues to sell off..MLPS showing fractional plussess and minuses. Energy Transfer up 50 cents on its raising guidance and next distribution.

A little bit of corporate news to share this morning. Energy Transfer partners raises guidance for next year and raises distribution as .525 next quarter. Good news to holders there.

Crosstex says its raised 105 million for its el paso purchase. Its a priviate placement of units that convert to common after the november distribution (they will not recieve the dis)...I like priviate placements!!!!

Hurricane Wilma...the strongest hurricane ever recorded in the Atlantic Basin...which of course is George Bush's fault!

10 year yield at 4.50 is holding....down to 4.42 this morning...bullish for MLPS.

Tuesday, October 18, 2005

Looks like they surrendered among the big oils..40 million share block of Exxon crossed by goldman...stock is down 2 points today. XOI at 952.

Wilma forecast is for it to emerge out of the caribbean and turn it to the northeast across south florida...which of course means no impact to rigs and nat gas.

Energy Transfer started at a buy...Duetche Bank...Valero LP and Buckeye started at holds.
Like the fact that they opened all the major energy stocks at what should be there lows of the day. XOI bottom at at 972 and climbing. MLPS are mostly firm this morning. 4.50 yield seeems to be holding firm as a top at least for now.

New Hurricane Center info on WILMA due out in the next hour.

Good Morning.
Another morning starts with energy selling off a bit. Right now Wilma is strengthening but odds favor a track into the SE Gulf on a Northeast track to south Florida. But i'm still waiting for this southward drift to end and apparently it has!

No corporate news or upgrades or downgrades. Thanks to a poster who informed about Lehmans upgrade yesterday of Plains All American Pipeline which seemed to escape reporting on Dow Jones and other wires.

10 year yield at 4.50 this morning on PPI news...we're at the top of the breakout point above 4.50 yield (Chart of weekly 10 year above). Note that the real breakout on yields will occur if we take out that 4.75-4.90 top from April 2004.