My apologies for not blogging today. Had to take care of "stuff" and was away all day in a wireless-less envionment.

I'm just going to be quick here..Valero LP got an upgrade today and it was worth 2 points as was Pacific Energy Partners (PPX) + 1.29.

Will blog fully and catch up in the morning.

Good Morning!

Yesterday i went to the gym and gas was 2.59. Came out of the Gym it was 2.75..went to fill up the tank last night it was 2.89!

Looks like the government will tap the strategic reserve according to the energy secretary on CNBC this morning. Crude market turned at first glance...slight pullback from 70 bucks. Again what good does it do to release crude on the market if you can't refine it and you can't get it to where it needs to go????

Natural gas still trading higher this morning.

No corporate news to speak of this morning. Atlas Pipeline Partners last night announced a shelf offering of 500 million.

Check out the oil drum blog. Has a good roundup of whats going on with regards to Katrina and why it matters. Also check rigzone for more related information. Links have been added to the link section.

Also..check this site out for great energy info. Link added to the link section.

Martin Midstream says no impact from Katrina. Meanwhile we're waiting for oil to resume trading.

Oil & Gas strong...stocks of MLPS flat to higher for the most part. No additional headlines.

Its beginning to become obvious that Katrina has at the very least damaged the oil and gas industry enough to produce long term impacts. 10 percent or more of the US refining capacity is out. What is the point of OPEC and other producers putting more oil on the market if there is no way to get it here. The Louisiana terminals that handle nearly 20 pct of what is shipped here are damaged. The crude oil market has grasped this...up 3 dollars to over 70. Natural Gas also at all time highs. It would seem to me that the companies that have working undamaged pipelines will see a boost to their volumes and those companies should do well. Teppco said yesterday they're fine but i've seen no other specific news among the MLPS. Kerr McGee has restarted production in the gulf.

Here comes $3 gasoline! Futures soaring and they even had to halt trading for 5 minutes.

No other company specific news. XOI+15, XNG +5...DOW -80

No clue as to why Martin Midstream is down 1 and change....probably hurricane related with damage to marine terminals.

Small fractional moves so far but nothing else stands out....at least not yet.

Good Morning.

We have crude up this morning as well as natural gas. Waiting for all the informantion to come in about offshore rigs. But as econobrowser points out this morning, the effect on gasoline and natural gas will be far greater than on crude. Worth the read.

Valero says its Louisiana refinery will be out for 2 weeks. And Forbes has a piece that the impact from Katrina will be felt for months. Bloomberg has a story about rig impact and undersea pipelines. CBS news has several oil related stories and videos.

Market about to open...

Heading into the close Crude and Nat Gas sold off from their highs but Nat Gas held up better. MLPS are mixed to lower for the most part but after some earlier moves in a few stocks most have settled in fractional moves.

Katrina now inland...will be searching for stories on rig damage and any impact. Reuters has its spin on the hurricane's damage.

Teppco (TPP) says things are okay with them.

Crude and Gas coming off their highs but still up sharply.

MLPS continue slightly higher on average. NRGY is down 1+.

Most MLPS open higher. A few exceptions....Enterprise Products Partners (EPD,EPE) has much exposure in the Gulf Of Mexico so the stock is down this morning...EPE the new ipo of the gp is down 1+. Also Williams new LP (WPZ) is down 1+. Atlas Pipeline down .75.

On the upside Valero LP is up to near 57 and Valero itself is up but way off its highs of earlier.

Most MLPS open higher. A few exceptions....Enterprise Products Partners (EPD,EPE) has much exposure in the Gulf Of Mexico so the stock is down this morning...EPE the new ipo of the gp is down 1+. Also Williams new LP (WPZ) is down 1+. Atlas Pipeline down .75.

On the upside Valero LP is up to near 57 and Valero itself is up but way off its highs of earlier.

Good Monday Morning.

Hurricane Katrina is the NEWS this morning as it has made lanfall over SE Louisiana as the 3rd strongest landfall ever. Saw a wind gust a New Orleans Lakefront of 80 mph before the anemometer blew away with the eye and the core winds still to come for New Orleans. The impact on the markets this morning has been enormous. Oil Futures over $70...Natural Gas Futures hitting $12 at one point.

In case you are not aware (of course you are!) Louisiana is a big player in US Energy Production and Eurtoa has some interesting stats on the industry and the impact...all thanks by the way to instapundit! And more on the impact from HOG ON ICE. Also econobrowser has an interesting piece on why oil continues to rise. It has to do not with lack of supply but with fear of lack of supply. Usually markets get it right.

Cactus Jack always has inciteful views on the latest goings on in the world of energy.
This week's post makes the case for coal and the energy bottomless pit that is CHINA!

Individual company news is sparse this morning but the big oils are already trading up a dollar or more. Valero is up nearly 3 dollars since it gets a double pump from both oil and nat gas. If i had to make a bet today...it would be that oils will open near their highs and sell off as the day wears on while the nat gas plays will probably hold up better. But the key will be whether crude and natgas futures hold their gains.

One thing to focus from a chart perspective is the XOI INDEX and the XNG INDEX. The charts are above. Usually the stocks tend to be ahead of the curve when calling short term tops. Crude futures made new highs today but the XOI will have to climb over 55 pts to make a new high....menawhile the XNG chart is only a shade short of the new high to equal the move in the nat gas futures. Its a divergence in the oil chart that i think needs to watched. No panic yet but watching. Meanwhile pressure on the 10 year yield this morning down to 4.16, Supportive to MLP'S.

My apologies for not posting this weekend. Katrina kept me very busy. Will be blogging often today.

Good Sunday Morning everyone.

The big story is Hurricane Katrina...now a category 5 hurricane. This is the strongest Hurricane observed in the Gulf of Mexico in many years...Heading for New Orleans. Should have impact on oil and nat gas when they starts electronic trading this evening. Andrew in 1992, Camille in 1969 and the Labor Day Storm of 1935 were the only Cat 5's to hit the U.S.

Here is an interesting bit of news...General Electric is getting into Natural Gas!

Because of Katrina i've been busy...so i will post relevant blog arcticles on energy when i can later.

Well another week has closed....trading today was absolutely somnabulant! But a weekend is here and over the weekend check in for some useful links.

Joe

Heading into the close...unispired trading..on wilting volume. I did notice btw that put call ratios on the indexes and equities were at very high pessimistic levels...2 puts for every call on the indexes and 1-1 on equities. I don't know if these numbers mean anything anymore but i put it out there for you to decide.

A couple of news headlines...Buckeye Partners files to put 795 million on the shelf of mixed securites...bulletin. no story yet but the sec s-e filing is here.

Also Kinder Morgan gets an order to inspect its pipelines from the government. Doesn't seem to be a big deal. Stock is off a small fraction.

Hiland Partners is up 1 and change. Normally it trades appointment only but its actually doing it on twice the average daily volume. No news at this time.

Dow and Oils selling off into the close...another summer weekend...next to last before labor day.

Travers day at Saratoga...I like Reverberate since he'll be a price... but i am also a big fan of Bellamy Road!

Backing and filling at lunch time, The only stock that's moving or should i say bleeding is Northern Borders Partners down nearly $1

Good morning. Late to blogging this morning as i have to also work for a living. Nonetheless the paint isn't dry yet but we're still watching.

No news this morning..crude flat and the dow slightly lower.

More as i start searching.

Some of the dangers of appointment only trading. Take a look at MMLP..Martin Midstream. Very small float. As of this time only 1 trade of 250 shares has occured all day. Thankfully i'm not selling here but its the kind of thing on a slow summer thursday where a 500 share sale could take the stock down a buck...or visa versa!

Sunoco Logistics...somebody did exactly that in the last 30 minutes where a wave of light selling in 100-1000 share blocks takes the stock down nearly 1 point...and then right back to nearly flat in a span of 20 minutes.

One of those days today..no news.

Some interesting reading on Freakonomics and Econobrowser. Worth a check

Somebody start a rumor please!

Anybody awake out there...trading is so slow today. Nothing is moving.

One exception of note is Northern Borders Partners which is down 50 cents. Its been getting shaved a little at a time. I wonder if they lack of a payout boost is beginning to weigh on holders.

Just Asking!

Paint drying trading...a few pluses and a few minuses...no news...no upgrades...no downgrades...no nothing.

Waiting for 1 share to trade in MMLP!

Good morning.

Not much company news this morning but i'm blooging early since i'm working at my regular job this morning. Oil overnight hit 68 bucks before easing back...still higher at the moment. Nat gas is down a fraction after another run-up over 10 bucks late yesterday.

Of course it was a matter of time before somebody came around to the brilliant idea of price controls. They did not live in the 70s.

Katrina is heading for South Florida and then the Eastern Gulf of Mexico.

More later.

Market taking late gas...dow down 80 points Nasdaq down 9...oils and mlps still firm but off the highs

i know its August and the weather is great in New York but the trading is just boorrriiinnggg!!

MMLP has not traded a share in 5 hours.

Nothing..i repeat nothing...is more exciting than having a stock that has not traded a single share in 4 hours. Martin Midstream Partners....not a single share has changed hands since 10:05 am!!!

Otherwise oil and gas stocks are firm..most MLPS slightly higher but no big winners. No news other than the EPE IPO...(see earlier posts).

Not much happening. General Marine and Frontline are up sharply...3 and 4 points respectively on Frontline Earnings (FRO) better than expected and a forecast of a firming of shipping prices in the fall. General Marine (GMR) along for the ride.

Otherwise its like watching paint dry.

Not much happening at the open. Enterprise...the GP of Enterprise Products Partners is trading up nearly $5 from the ipo price....near 33 dollars.

10 year yield down to 4.16.

New Tropical Storm Katrina...to florida and then the gulf of mexico.

Good Morning

The tropics are effecting oil prices this morning as a Strong Tropical Depression IS FORECAST to become a hurricane in the gulf of mexico.

Oil inventories out at 10:30am; as always a market mover.

No news on any of the MLP'S this morning so far and no upgrades or downgrades.

Adding a new link for insider activity...Insidercow.com! And speaking of insider trading check out this chart of insider buying. In spite of the long term rise in MLP prices and our short term correction...insiders are still buying stock fairly heavily.

New stock begins trading today..Enterprise (EPE)...the GP of Enterprise Products Partners (EPD). IPO Priced last night.

Late breaking news on the price of the Enterprise IPO (EPE). News also here.

Late breaking news on the price of the Enterprise IPO (EPE)

Sideways was the general order of finish today. Martin Midstream was up 1 and change..closed near its high for the day and nearly 2 1/2 times average daily volume. Daily Weekly and Monthly charts look like they are on the verge of a breakout. Need a decisive close above 34 on heavy volume.

Somebody on the NBP board was asking about who downgraded the stock last week. I checked back...i believe it was Goldman...but will verify.

ATLAS...GP of Atlas Pipeline...+ 1.65 and on the verge of another upside breakout on its chart.

All makes for interesting days ahead...as always.

Some news crossing this afternoon regarding Energy Transfer Partners. 4 insiders made open market purchases. You can check the sec filings here here here and here.

Martin Midstream partners is up 1.26 on above average volume. No news to report.

XOI off its -10 low...XNG positive again...most mlps in a tight range. WPZ which is Williams partners IPO...started trading last week, its up 90 cents.

No unusual activity at the open. Most MLPS flat to slightly higher with one or two exceptions all on low volume.

Good Morning!

I've added links to the energy blog and freakonomics blog to the links section. Anyone have any MLP blogs you would like added...please post the link and i'll put it on!

No news to speak of this morning and no upgrades or downgrades. Oil up .13 and the ten year at 4.23. Its August after all!

Some blog reads this morning on energy shortages in China...and even more importantly bra shortages in Britian!

A view of the China oil shortage from the perspective of the Hong Kong press.

I've also added a link in the links section to Peking Duck. Its a good blog about stuff going on in China.

Open approaching shortly...no news or upgrades or downgrades.




Will be searching for news...will post as needed.

Joe

Tugging back and forth finally ended in a slightly higher close...Most MLPS closed flat to higher with a few up decent fractions. No news of consequence after the close. Its August and i guess every one is on vacation.

Crude ended flat on the day. We'll see what tomorrow brings.

In case you haven't done so yet check the archives for links to arcticles of interest that appeared over the weekend.

Looks like the bounce ran its course in the short term...selling in the XOI down 5 pts. Dow flat to slightly higher.

No news breaking so its back and forth.

Some softness has set in this afternoon in the overall market after being higher all morning. Oils have come off their highs as have most MLPS. But they are for the most part hanging on to their gains.

No news to speak of.

Nothing new but gains seem to be holding up....no news through lunch time.

Bounce rally that began thursday afternoon last week continues this morning. Valero leads the way with a 1 point gain....and there are strong fractional plusses in many issues like Magellan Midstream, Crosstex, Energy Transfer, Buckeye, and a few others.

XOI at 976 up from 937 low thursday....Market looks supportive...10 year behaving.

Looks like the correction is over!

News out this morning on PLAINS ALL AMERICAN PIPELINE. They've been shopping!

Open approaches. Exxon up .18 in the pre market.

thanks mggibson for your efforts...here is a story about oil in Illinois!!

Good Monday Morning everyone!!!! ugh!

Not a shread of news this morning so far...no upgrades...no downgrades...no nothing...oil a little softer in electronic trading so far. It couldn't be more August!


The NY TIMES SUNDAY MAGAZINE feature piece yesterday is a doomsday story on oil (a sign of a top????). Doesn't paint a very rosy picture for what is about to happen....Hope you have lots of sweaters and sheep to provide wool to keep you warm. Of course that oil (and gas) passes through the pipelines of the companies we invest in so the increase distributions will more than offset...maybe fur instead of wool!

On the other hand there is the other side of the argument and insta pundit links to freakonomics and his blog about what is wrong with the times piece.

Also check these related links here and here and here.

And if you're really in the reading mode....check the energy blog.

Certainly these pieces will spark disagreement amongst us in MLP land but we need to be aware of all sides of this equation.

Comments welcomed on this...

GOOD SUNDAY MORNING EVERYONE!!

Now for some Sunday FOOD FOR THOUGHT!

Cactus Jack who posts on the yahoo Northern Borders Partners board has posted his usual Saturday Night Observations...as always inciteful

From Instapundit...energy related but for now still a bit of SCI-FI!

Infrastructure Spending from a middle east perspective.

If you wonder why we can't get oil out of the ground here....this could be a reason.

Short list...quick reads. Spend time with your families this afternoon and we'll be back tomorrow morning.

Joe

I'm adding a link to the links section...http://mlpfunds.com/ Its a very good place to start to learn about MLPS and it also has info on the mlp funds.

More links and news to follow as the weekend progresses!

Staying near the highs of the day. Energy Transfer was upgraded by Raymond James today. Stock +1.

Otherwise not much else new. Crude +2.00. Heading into the close on a firm note.

Good moves this morning as the group is bouncing nicely. Energy Transfer was up 1+ as was Holly Partners (HEP) and both Crosstex's (XTEX,XTXI). Nice strong fractional gains in a host of others. NRGP up 1 on an upgrade....NRGY down a little today but they were up yesterday.

We will probably go into Friday mode around lunch time and not do much during the afternoon but i will be watching carefully and reporting.

Added Factoids site in the link section. Check it out...its very informative.

Approaching the open, no additional news to speak of this morning.

Good Friday Morning.

The always brilliant FACTOIDS has his monthly round up on MLPS....an absolute must read for the MLP investor!!!!!!! Link above.!

A couple of upgrades to start the morning. Those 2 very nice guys Raymond James have upped Kinder Morgan Partners to outperform. And Citigroup starts INERGY Holdings (NRGP) at a buy.

Crude Oil spiking higher this morning by nearly $1 in electronic trading. Looks like we'll finally get that nice bounce rally today.

Watching for other breaking news....will post as needed.

Joe

Just went back above the 34 day moving average.

Crude rallied into the close and closed higher by a dime. Oil stocks rallying off the day low of 937.61 and we are now above the morning low of 942.18.

These things do change quickly!

Looks like 925 on the XOI is the next stop...at least most MLPS are not making new lows.

new lows on the XOI...next support is 925

Another retest of the days low underway in the XOI...holding so far at 942.18

Watching carefully

I'll admit i have a bullish bent (i am long) but i'll try keep it on an even keel.

XOI Iis now retesting the days low at 942.18. Crude slipped below 63 dollars and gas under 9.00 on nat gas numbers.

MLPS showing some plus signs in a few more issues; all are off their day's lows and many are above their gap down open prices.

No news on any in the group.

Most MLPS are above their lows of the day and above their opening prices which were gap downs in many cases. XOI looks like its bottoming out. But things can change quickly. So far encouraging.

No news or upgrades or downgrades so far this morning.

I like down opens in corrections because they stand a chance of producing a trading climax. At least with some of the MLPS that was the case this morning with gap down opens in a lot of them...in other words..get me out at any price. Valero had the biggest gap down that i could find...-1.40. Somebody wanted out.

Only a few green arrows with Crosstex and Inergy up a touch. XOI is off its low so a rally attempt is being mounted.

Good Morning. Oil is down a penny this morning. XOI has corrected nicely to the 34 day moving average. If that does not hold next stop is the 55 day moving average which is down around 925. I would like to see a down open followed by a rally rather than a rally at the onset.

NEW LP BEGINS TRADING ON NYSE

Williams companies priced an IPO last night on its LP...21.50 and begins trading today under the symbol WPZ.

No other news on the wire this morning.

On the politcal front check out Gateway Pundit. Pictures of gas lines in China.

And finally some political humor on oil and other things.

My correction target on the XOI was hit this afternoon around 947-950...low was 948.41. Now we need to see these stocks stablize and a trading rally should commence.

Lots of losses though. Some of the stocks that have not been hit got nailed at some point today. XTEX was down nearly 2 before the close...and a plethora of either 1 point minuses or strong fractional losses. Hiland Partners in appointment only trading was the only winner of note at 39.60 + 1.35

ETP had an insider aquire shares at 35 and change but i'm not sure if this was a market purchase.

XOI 948.41 is the low for the day...close enough to the 34 day....a bounce should begin very soon.

The advertised correction is continuing today but note that the XOI is rapidly approaching support at the 34 day moving average around 947-950. Last trade at 955. MLPS are having their biggest correction since APRIL 2004 and this should once again be another buying opportunity.

They are also finally getting around to selling the better performers as Energy Transfer and Maggellan Midstream are taking $1 plus hits. I took a position today in ETP and added to my MMP position on this weakness.

Also 1 point declines in Markwest (MWE) Crosstex (XTEX), Northern Borders (NBP) and Plains All American (PAA).

News of Kinder Morgan and Sempra Energy sharing a pipeline, the only news of the day so far. No upgrades or downgrades to speak of. EXXON/MOBIL down another 1 and Kinder Morgan (KMI) down 90 cents.

Lunchtime and the oil sell off continues...XOI down ten...heading for my 950ish target and we may get there quick. Losses accross the board for most MLPS....Hiland being the exception today which at one point was up 1 and change.

Reminder General Maritime goes x-distribution Monday as does the new Tortiose Energy (TYY)

If you were waiting for MMP under 32 and ETP under 35...congratulations!!! NRGY is under 30...another one that's sold off.

No news other than the big draw down in oil and gasoline stocks...should put a bid under energy stocks

The open has passed and some MLPS are down. ETP is down over 1 in the 34 range. MMP is fractionally lower. XTXI is down 1 ( i have a buy order at 58.25).

Inflation numbers were spooky but the ten year after an initial sell off...the market is back to flat. XOI opened down 7 and is now rallying back to -2.

No news. I think we should see a bounce develope as the day wears on in some of the harder hit mlps

Good Morning.

After yesterday's big energy stock sell off we are at least starting the day quietly in the news department. Nothing to speak of and no upgrades or downgrades (at least not yet).

It is encouraging to see insider buy showing up in a few of these companies that have had good runs. At the very least it says the company officers have some confidence in even higher prices down the road. They certainly don't make open market purchase on stocks because they want to lose money!

As always eyes are wide open. We've been selling off pretty much since the xx-dis dates on a lot of these companies...i think a trading bounce is in order.

Definitely got ugly for some of these...NRGY dropped to 28.10 on volume...-2+ before recovering..1 point minuses in PPX,MMP,VLI with large fractional losses in a host of others.

Will post if any after hours news breaks.

Definitely got ugly for some of these...NRGY dropped to 28.10 on volume...-2+ before recovering..1 point minuses in PPX,MMP,VLI with large fractional losses in a host of others.

Will post if any after hours news breaks.

Lets see if it gets downright ugly in the last hour. HEP & ATLS are above water today. ATLS on an insider buy sent the stock up around lunch time and its been holding there. HEP is a little higher. Otherwise the group is getting sold and some issues are down hard like VLI, PPX and XTXI which is down 3+. Energy stock sell-off probably impacting the group in spite of a firm 10 year bond (lower yield).

Certainly some of these are getting close to buy points if you wanted to add at cheaper prices. MMP and ETP for example are 10% off their 52 week highs. That doesn't mean they can't get cheaper.

Insider buying at the market in Inergy (NRGY)

Insider buying at ATLAS corp. (ATLS)

These are open market purchases

Approaching lunch time and except for Sunoco Logistics (+.05) and Martin Midstream (+.19) every MLP on my list is down. Maybe by the time you see this link they'll be some green.

1 point minuses in VLI,PPX with a 2 point minus in XTXI...otherwise fractional losses in the rest of them. No additional news so far this morning. XOI and XNG at their lows of the day.

Mid-morning selloff in the overall market..OIL and GAS stocks lower after a rally attempt fails...Ten Year Yield dropping to 4.20 ish.

MLPs have fractional losses with the exception of Valero (VLI) of course and XTXI which btw is now 3 points above its low for the day.

Martin Midstream has not traded a single share this morning ( talk about appointment only trading!) and 295 shares are ahead of me in my attempt to trade NRGP today.

Boy they are certainly taking XTXI and selling it to beat the band...at one point down 5+ to 60.25...now off its low. Ten year yield getting close to 4.20 again. XOI -7 XNG -3

Have a buy order for XTXI down at 57.50 and for NRGP at 30.30.

I guess the weekly chart says support for VLI is around 54-55. They are selling with both hands this morning down $1.31 so far. No news that i could find.

Also XTXI is down 3 on Yorktown selling more shares. Be advised that in the past Yorktown sales have made for great buying opportunities in this stock.

CPI number was okay (not great but not bad) so ten year yield is close to flat. At least that should be supportive to prices.

Concerning Valero Limited Partnership...one reason for the downtrend...or maybe the reason...could be the energy bill and MTBE. Valero announced that it would cease refining gasoline with the additive that was suppose to clean the air and wound up polluting groundwater. This would cut back refinery production for them...here is a quote.

"The move will cut fuel output at San Antonio-based Valero by about 60,000 barrels a day, or about 6 percent of the company's current daily production, spokeswoman Mary Rose Brown said this week."

Full arcticle at the above link.

Inching closer to the open...Exxon indicated a few pennies higer. XOI has every right to correct down to the supportive moving averages.

Good Tuesday morning!!

A little news to kick things off this morning. Crosstex (XTXI) has an item about its large holder of Yorktown Partners and what they've done with 3/4 of a million shares.

Also Plains All American has filed an 8k with the SEC for your enjoyment.

Crude oil is a little softer this morning. CPI out a 8:30am will move the bond rates most likely. No upgrades or downgrades of importance.

See you at 9:30 am for the open.

Kinder Morgan expanding pipeline. Here is the story.

Insider sale at Crosstex (XTXI).

Markwest is +1 as is Hiland but no news to speak of. Appointment only trading seems to be the mode today for most issues.

Valero down another 90 cents...at that rate it should be at zero in a few months...then it might go up! No news

Holly Partners down nearly 1 and Northern Borders is down .75. Also no news to report.

DOW +43 XOI -9 XNG -4

Somebody wake me up

Here is a link to the sec filing on the insider buy for NRGP...open market purchase.

NRGP had some insider buying last week One insider bought 3000 shares on the open market. I'll post a link when it becomes available.

Hiland Partners is +1 and change as is ATLS. Most MLPS are lower and remain so in spite of the dow rally. 1/2 point losses in Energy Transfer and Holly. Valero down just under 1 point.

XOI pulling back from 1k down 9 points

NRGP had some insider buying last week One insider bought 3000 shares on the open market. I'll post a link when it becomes available.

Hiland Partners is +1 and change as is ATLS. Most MLPS are lower and remain so in spite of the dow rally. 1/2 point losses in Energy Transfer and Holly. Valero down just under 1 point.

One news item this afternoon...an insider purchase of NGRP by its vice president. It was a open market purchase of 3000 shares averaging around 30 dollars. I'll post a link as soon as it becomes available.

No other breaking news...most MLPS hold earlier levels...ATLS is up 1.64 however. XOI is down 9 and pulling back from 1k.

One news item this afternoon...an insider purchase of NGRP by its vice president. It was a open market purchase of 3000 shares averaging around 30 dollars.

No other breaking news...most MLPS hold earlier levels...ATLS is up 1.64 however. XOI is down 9 and pulling back from 1k.

XOI below 1000 again though barely. The up move in the oil stocks has been unrelenting lately but a correction to 950 would not a surprise.

Valero has a 1 dollar loss and is below all the support levels i follow. Still i think it should bottom in her soon.

GMR will go X-distribution next monday and the stock's been correcting lately. Could be another candidate for a bottom in the 35.50-36 area, No guarantees as always.

Can't find any real standouts on the upside.

Good morning...sorry i'm late blogging this morning but had car issues to take care of.

Not a breath of news this morning among MLPs so its looks like a sideways to down start this morning. Only Valero continues to lose ground but it is in area where it should bounce. (i keep hope alive.

Eyes are open for any developements.

Its a Saturday night and i've got a little time so i'm posting a few links to some relevant news stories regarding $70 dollar oil and $3.oo gas. Cactus Jack has a wonderful post on the yahoo message boards for NBP...read it is a very intelligent breakdown of the unusual situation that faces us right now.

And playing to that theme here is a news item from Alberta which talks about what happens when a place is awash in oil gas and dollars. Also a story about an Iranian Indian connection.

While oil and gasoline has been rising how about natural gas spiking to nearly 10 bucks last week. Some views on why. And another story on nat gas here

Also Outside the Beltway has a blog about the recent rise in oil prices with respect to nominal and inflation adjusted highs.

And finally head to macroblog for a really in depth discussion of Energy. Long but good reading.

These should keep you occupied until trading resumes Monday.

Factiods has a summary of the Crosstex Conference call via the yahoo message boards. Thanks factiods for a brilliant rundown of XTEX/XTXI

Many MLPS turning positive or at least cutting their losses in the last half hour thanks to a hefty bond market rally with the 10 year at 4.23%. Nat Gas spiked to 9.90 today and oil closes at a new high again.

Dow -88. My god even Teppco is up!

Afternoon sell off in the overall market has moved off its lows of the day and the XOI still hangs on to a gain.

Some of the stronger MLPS include Sunoco Logisitics which surprisingly is now above its recent offerning price and did not correct much at all this week like others in the group.

A few other gainers include NGRY and NGRP...Teppco which can't get out of its own way lately is up a quarter. Valero LP is at chart support and testing a prior low in the 57-57.50 area. MMLP is up 20 cents on appointment only trading.

I found a nice stock blog that has MLP yields listed in order from highest to lowest.
http://www.utilitystockblog.com/2005/08/gas_utility_and_2.html

I will add the link to the links side.

Friday's in the summertime usually amount to relative inactivity. No real standouts today and not much in the news department. Fractional plusses and minuses dot the MLP universe. XOI made a high near 1006 but is selling off. Chart has been in an amazing uptrend but a correction to the moving averages would not be unusual.

Ten Year yield has been dropping from its peak near 4.50 a few days ago. A break below its moving averages would suggest yet another trip down in yield which of course would be supportive. I've been arguing for a correction in the group and the action might mean that the downside may have a little more to go...but perhaps not much more.

Martin Midstream Partners has held up well in here. Trades by appointment only and has been in a tight trading range. Might be worth looking into for a trade.

Good Friday Morning.

66 dollar oil and 9 dollar nat gas. This is the world we live in!!!

Its been a bit rough this week for mlps...not overally so but after what was a relentless run-up into earnings and distribution we've had an orderly sell-off so far. I think we should see a firm finish today.

No news or upgrades or downgrades to speak of so far this morning. Will be curious to see if there is any followthrough selling in NRGY at the open. If there is i may attempt a day trade for grocery money.

Joe

Intraday correction briefly brought the XOI negative but now were at 1000 again. The overall stock market is rallying and the 10 year rate is down 7 basis points. MLPS are even coming off their lows for the most part. (an up day might be nice!)

Overall it looks like a rate rise driven correction. 4.50 looks like its holding and MLPS are digesting this in a rather orderly fashion. The correction is unlike the sell-off in April of 2004 which was far more painful. And yet a few months after that MLPS were making new highs.

Dow +68 Nasdaq +12 XOI +7 XNG+2. Natural Gas Futures today took a nice spike higher.

You take a 2 hour nap and wake up...and its about where they were when you went to sleep. But there is a nice rally going on in the 10 year (yields down)...should be supportive.

XOI did crack 1000 today but not holding it this afternoon.

There are some 1 point plus losers this afternoon. ETP, APU,HEP among them with most MLPS down major fractions (VLI,XTEX).

Atlas Pipeline is up slightly..Sunoco Logistics has been behaving rather well through this correction.

No midday headlines to speak of.

Earnings from Hiland Partners are out this morning. And we have a downgrade for INERGY and its from SMITH BARNEY my favorite contrary indicator.

Raymond James (nice guys!) raising earnings estimates for XTXI to 2.53 from 1.50. Stock up yet again another 2.

Holly Partners (HEP) down 2 dollars today but no news i can find.

Valero is trying to make some sort of a bottom in here

Good morning!

Not much news this morning among MLPS. Futures have turned lower and the 10 year is slightly supportive.

No upgrades or downgrades that i could find. Oil futures hit 65 bucks.

On the road this morning. Will check in later.

KMP priced its offering at 51.25. Stock came off its lows. Otherwise it was a mixed close with fractional plusses and minuses. No news after the close so far

Did not like the way they were acting so i sold my EPD for a tiny profit...and sold GMR at a tiny loss for a net of nil which translated....was a complete waste of time. Again this was for a day trade only...

In case you have not noticed...XOI approaching 1000

Approaching lunch time. Went long this morning EPD and GMR for a trading rally. Could sell before days end depending.

KMP news on unit offering still not available on yahoo.

Holding their own in here.

Looks like some of the MLPS are bouncing a bit this morning but the gains are small fractions at best. Some losers include KMP down 1 and change with its 5 million units offering (still waiting for a full story...will link when available.). Valero down 50 cents...CPNO + .70 and of course CROSSTEX up about 1 point.

10 year yield dropping today should be somewhat supportive

To blog or not to blog about SGH/SGU

Okay so we all know about Stargas and all its problems so i won't regurgitate it again. Suffice to say its in a lot of trouble, and they pay no distribution.

I got a few emails asking me to blog my never to be humble opinion about it. At 3 bucks you're essentially looking at a call option that does not expire unless the company does. If it survives (and thats a big if) you might have a big winner here in a few years.

Since this company no longer pays a distribution and given all the risks I personally would not buy it and won't even consider it until it fixes its problems with regards to customer attrition. Its latest earnings report did offer some encouraging signs. It also hired financial advisors to decide what to do down the road.

Again personally this is not for me.

Good Morning.

Headline this morning is Kinder Morgan (KMP) filing to sell 5 million units. News link will be posted when available.

Earnings yesterday from Markwest Energy (MWE) . Conference call today at 4pm

Earnings yesterday also from NRGY.

Market observations. Ten Year stablized yesterday under 4.40. Lets see if this is puts a floor under MLPS today. Some looked like they tried to bottom yesterday afternoon rallying off their lows. But i'm not not completely convinced.

Most MLPS finished off their lows in the last half hour which is nice...considering yesterday's mess. And the long bond back under 4.40 is supportive. Some of the 1 point plus losers like PAA and APU have cut their losses to fractions while CPNO and XTEX stay near the highs of the day. MMLP rallying to near 33 after RBC CAP markets upgraded the stock yesterday.

We'll see what news comes after the close.

Its 3:30...the market is modestly higher....oils are a little higher...gas stocks are lower...and MLPS are mostly down again. Ten year yield rallying to 4.39 from days high of 4.44. We'll see if 4.50 is the wall.

Meanwhile XTEX, XTXI, and CPNO continue sharply higher while losers include PAA and HEP each down over 1 point. NBP down nearly .90. Most MLPS down major fractions again today.

no surprises from the fed...10 year actually rallying now.

watch the 10 year rate!

Noontime...waiting for the fed. 10 year rates up to 4.42%. MLPS mostly lower with a few news related exceptions

XTEX chart and news moving higher as is the gp XTXI chart

Most MLPS down major fractions to over a point APU down 1.49....ATLS parent of APL down 1+ to near 40. KMP actually up .65 today and CPNO up 1+ after being down 2 yesterday...positive reaction to earnings i guess.

2:15 is fed time...we know what they're going to do but will the 10 year spike up again to 4.50???

Crosstex and the GP XTXI gave you about 5 minutes to buy at lower prices late last week. XTXI +6 and XTEX + nearly 3. Ugh

Magellan Midstream showing a touch of weakness this morning down .44 CPNO +1 and change getting back 1/2 of yesterday's losses. No additional news since 9am

10 year at 4.41..watch carefully. If rates keep backing up on the 10 year it could be short term trouble in MLP land.

Good morning.

Sorry about not blogging yesterday. Had 20 people over the house for a summer bbq (i know its a monday but when you work weekends monday and & tuesday become my saturday and sunday).

Thats not to say i did not watch yesterday's sad performance where we opened near our highs and close near the lows on most MLPS. Looks to me like they are responding to the rising 10 year and that we may be seeing a group correction after the long run-up. Bargains may be at hand when this is done so keep fire power ready.

Crosstex was one of the few yesterday that finished near its highs and XTXI at one point was +4.

Also Copano after the close yesterday: earnings
and conference call 9am

Crosstex aquisition and conference call at 3pm today

NRGY conference call at 4:30 pm today

XTXI earnings posted this morning.

Smells like a correction is underway. Whether it lasts just a few days or its something more meaningful remains to be seen.

XTEX and XTXI selloff continues...buy points for me around 54 for XTXI and 39 for XTEX. Remember these numbers are fluid and change from day to day.



The 10 year rate is approaching 4.40 and the chart looks like its turing bullish for rising yields. This could be short term and i would not worry unless we break 4.75/4.90. But we must watch very carefully.

Some other noteworthy news..Plains All American..changes in ownership http://biz.yahoo.com/prnews/050805/daf010.html?.v=19

Copano energy downgraded by Key Bank from buy to hold. PPX - 1.49 Atlas -1 and change impacting APL down nearly .90.

Good morning. Blogging late this morning due to being at the gym early.

News this morning. SXL priced another couple of million shares at 39. Look for another stretch to work off the overhang.

Please watch the 10 year bond as the rate creeps up to 4.40% No alarm bells yet until 4.75-4.90 in my book but i think we should be watching this carefully.

Those of you look for logical entry points for XTEX or XTXI. Looks to me both the LP & the GP could trade down to their moving averages.

BPL is ex-dis today. So the run of MLPS will be mailing their checks to our accounts in the next few weeks.

Coming into the final half hour...MLPS are mostly lower today with losses generally under $1. XTEX the biggest loser as its correction from 45 continues...down nearly 2 as we blog. ATLS parent of APL losing over 2 while APL has been down more than 1 several times today and keeps rallying back. SXL doing another 2 million share offering plus x-dis today...-1.41.

XOI flat...XNG slightly higher.

XTEX and XTXI correcting here as conference call continues..My guess is just profit taking. Meanwhile after some sellling early...MLPS are coming off their lows as XOI & XNG are gaining.

I'm taking a shot here and have a buy for XTEX at 40.02...right now at 40.70 bid. The 55 day moving average is the next level of support since the 34 day was broken earlier. It is a logical place for a bounce (if there is going to be one). This is for a short term trade only...

Most MLPS this morning opening lower with APL and SXL (ex-dis) down major fractions. GP of APL, ATLS is down 2 and change as earnings were a few cents light and the stock had a nice run up.

XOI down 3. I continue to look for signs of a correction in the group however fast and furious it will be...and which would allow for some bargain shopping.

Earnings are out for Crosstex http://biz.yahoo.com/prnews/050804/nyth081.html?.v=18. Note distribution coverage is at a healthy 1.22! Raw numbers appear light of estimates but with only 4 analists covering...who knows! Conference call http://biz.yahoo.com/cc/6/59336.html 11 am eastern time.

Still waiting for Northern Borders Partners earnings. Conference call http://biz.yahoo.com/cc/2/58452.html at 10 am eastern.

Martin Midstream Conference call at 3pm...archived at their website http://www.martinmidstream.com/

Also...here is a link to bigcharts with most of the mlp charts on one page. http://bigcharts.marketwatch.com/industry/bigcharts-com/stocklist.asp?bcind_ind=pip&bcind_period=3mo and the best& worst performing pipelines in the last 3 months
http://bigcharts.marketwatch.com/industry/bigcharts-com/focus.asp?bcind_ind=pip&bcind_sid=171581

Good morning

Earnings and conference calls are the story this morning. Crosstex Energy (XTEX), Northern Borders (NBP) Atlas America (gp to APL) (ATLS) ..ATLAS posted numbers last night http://biz.yahoo.com/bw/050803/36024.html?.v=1 Martin Midstream having its conference call this morning as well. SXL ex-dis today

I will be working on adding more charts this morning.

midday thoughts

XTXI is correcting from its mammoth run-up down 2.60 at this time. Would like to see a drop to 56 and change for a potential trading bounce. Nice 1 point gain for MWE...otherwise its fractional plusses and minuses today. BPL ran up at the open but has pulled back...still up a fraction.

No additional news breaking this morning. Energy complex mostly higher.

Good morning.

Took a swim this morning in my over chlorinated swimming pool thanks to alage that had to be removed...a little clorox is a good thing!

Not much in the news department this morning. VLI is ex dis today by 85 cents and SXL will be going x-dis tomorrow. MMLP had earnings last night that were a bit light but its hard to say when only 4 analists cover it. And management seems to be excited about its sulfur business for the next few quarters.

Buckeye at a new 52 week high and a breakout on the charts on good volume. I will try to add easy links to charts over the next few days.

Check out this blog site. I thought it was interesting for stock traders.
http://fyms.blogspot.com/

Boy do they like this KMI deal...KMI up 8 and KMP up 2 ...elsewhere ATLS continues to roll up 1 and Buckeye also up 1 on friday's earnings. NGRP + .73 on ag edwards buy coverage.

MMP down a bit as we're seeing some post distribution selling. Could be a chance to pick some more up in the low 33's???

Joe

Looks like the market loves the KMI deal...+8 dollars (not open at nyse yet) KMP still not trading but indicated up higher.

AG EDWARDS starts NRGP at a buy...and thanks for the correction yesterday it was NGRP and not NRGY that had the lehman outperform.

APL earnings were ok...stock up a few cents

Good morning!

A whole slew of news this morning on the big KMI aquisition of TERASEN..http://finance.yahoo.com/q?s=kmi&d=v1

Also Copano closes its merger with Scissortail
http://biz.yahoo.com/prnews/050802/nytu061.html?.v=19

Last night Atlas Pipeline put up good numbers and beat estimates by 3 cents. Thats when you compare apples to apples. Conference call this morning. Hopefully market sees it the way i do.

Sonoco Logistics (hey stockgirl...good news) has already announced its next distribution and has raised it again..THIS IS FOR THE SEPTEMBER QUARTER! They still have to go x-dis this week.
http://biz.yahoo.com/prnews/050801/phm051.html?.v=12

Oil is down half a buck this morning.

Atlas Pipeline Partners came out with earnings..http://biz.yahoo.com/bw/050801/16028.html?.v=1

Note the paragraph where earnings are broken down so we can compare apples to apples and oranges to oranges (aquisitions, stock offerings etc) the numbers look good to me.

I still wish we'd see a correction.

Joe

going into the close most MLPS are higher. BPL took the bit in its teeth and ran with it late in the afternoon...now up 1+ on good earnings and a distribution hike. XTXI, ATLS with 1 + gains, strong fractional plusses in ETP PPX and NGRP.

No breaking news during the day of any importance.

if anybody has any clue why ATLS is +2.64 on decent volume please share. i can't find any news

APL earnings and conference call after the close today http://biz.yahoo.com/cc/8/59078.html
BPL conference call after the close today http://biz.yahoo.com/cc/7/58787.html

XTXI was up 2 now just up a fraction.

BTW the mlp closed end funds have been selling at a discount to NAV for the last several weeks or more...they have been rallying nicely while paying out their distributions. Check TYG,FEN and FMO
http://finance.yahoo.com/q?s=FEN,TYG,FMO&d=s

some opening observations...

BPL's earnings were good enough for an additional 35 cents at the open. Lets see where it goes from here.

MMP selling off on ex-dis... So far the ex-dis mlps have not dropped much. ( i wish they would correct harder).

XTXI just continues to roll higher...now approaching 60 bucks. Could have been had for 45 just a few weeks ago.

ATLS up 1 and change...parent of APL; no news to report.

Ten year is at 4.31%....might be worth keeping an eye on. I really wish there would be a correction in this group ( i know i may be speaking heresey and there is the old caveat of be careful what you wish for)....but we need an opportunity to shake out a few folks and pick up some bargains.

You go away for a week and you come back to work work work!!!!

Morning musings...NRGY restarted at LEHMAN at overweight. Something going on with ATLS in early trade but no news that i can see. I thought buckeyes numbers friday looked good and a distribution increase was nice. Should continue trending higher. VLI is awake again which is nice to see as it is back above 60.

Oil up overnight...XOM ahead this morning. Here comes the opening bell