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Friday, April 28, 2006

Nice close in most MLPS...a few showed end of month short covering into the close. Regency Partners did this as did Crosstex LP (XTEX) as they upticked about 50 cents in the last 10 minutes of trading. Hiland LP was up 1 and change to 46. Hat tip to euro-trash about an S&P downgrade of Buckeye LP...the stock closed up a few pennies.

Anybody who had questions about Markwest Energy's recent "stock offering" should link here to the yahoo message board for more info. It explains it all.

Happy weekend!
Enbridge Energy leads the way up 90 cents (imagine what would happen if they ever grow their distribution!) and we have a large sea of fractional gains in Magellan Midstrean, Crosstex (XTXI), Valero LP (UP 5 DAYS IN A ROW!), Northern Borders, Energy Transfer and a few others.

Natural Resource Partners is down 50 cents..Copano is a fractional loser but holding just shy of a 52 week high. A few others are down pennies.

Lunchtime approaches.
Breaking news from Magellan Midstream Partners (MMP) as we have record earnings and the company ups 2006 guidance! And its GP Magellan Midstream Holdings (MGG) comes out with its first quarterly earnings report. Should make for some upside here.
Good Morning!

First catching up on last nights news as Buckeye Partners announces earnings that were a bit lower than first call but we got another distribution increase. Enbridge Energy Partners came out with earnings last night too and no increase in its distribution, Also Northern Borders Partners announces it gets the okay to buy the rest of Guardian. Earnings from Magellan Midstream are due any moment and will post on release.

No upgrades or downgrades but the Microsoft obsession today could lead to a flight to quailty imho...and we are quality!

Thursday, April 27, 2006

A bit off topic but for the guy who has everything and would like nothing more than an imported Italian indoor/outdoor wood fired Pizza it imported indoor/outdoor wood fired pizza oven!!!!! My brother in law imported a few from Italy and he is selling them on E-BAY. Its the ultimate way for guys to cook outdoors! So please link to it and take a look. Its heavy duty and its on wheels so you can take it from outdoors and put it right in your bedroom if you'd like!
Nice turnaround and rally underway. Crosstex LP leads the way up 1.16 and Crosstex (XTXI) is up 60 cents (both are ex-dis today), Enterprise GP (EPE) is also up nearly 1, Fractional gains in Teppco, National Resource Partners (NRP) and Hiland LP.

Copano which I highlighted this morning as perhaps needing a correction is being very accomidative as it is down 2 and change here...profit taking...and we could pull back to the 45 area. For traders this might be an entry point but no guarantees!!!
An all over the place morning with fed speak, exxon earnings, intel "anal"ist meeting moving the tape all over the place. There are also some price change distortions relative to ex-distributions. For example Crosstex (XTXI) is quoted -1.61 when it is really only down 1.01 due to ex-dis...while XTEX is actually 57 cents higher with the ex dis.

The group is mostly lower but nothing tragic on the tape. Copano is down 1 and change but it did this the last 3 days only to rally back. Markwest on its non-dilutive stock sale...i went back and read the S-1 filing and it says clearly on the opening page that the company will recieve no proceeds from the sale. A press release clarifying this might be nice.

Good Morning!

Its Thursday and we have National Resource Partners and the Crosstex Pair going ex distribution this morning. Its a prorated distribution for new issue Regency Resource Partners (RGNC) for shareholders; thats the only piece of corporate news so far this morning. No upgrades or downgrades so far.

Exxon Mobil earnings are out at 8am....get ready for all the political blowhards to blow their windbags!

Copano Energy has had a great run as the stock has doubled from its IPO last year. And why not since distributions have soared to its current 60 cents a share/2.40 annual. Stock broke out from its base a few weeks ago and continues to make 52 week highs. At a 5% yield going foward it is trading at the bottom of the yield range of the group. Chart suggests it has more upside but i am growing a little cautious in here.

Wednesday, April 26, 2006

Selloff in the oil group as the XOI is down 26 points and some of that selling has spread into the MLPS. Crosstex (XTXI) went from being + 1.34 to being -1 and change in about a 40 minute stretch on no news. Certainly not for the faint of heart but no volume...all on 100 share sales. Copano is also down 1 and change and there are some sizeable fractional losses in Hiland LP, Energy Transfer Equsity is down 50 cents...Markwest is still down but off its lows.

The winners from earlier, Valero LP and Sunoco Logistics (52 week high) are still up but off their highs. Lets see what the last 30 minutes brings.
Nice fractional plusses continue as Valero LP nears 53 while National Resource Partners also up nearly 1. Enterprise Products Partners is ex-dis and up 37 cents...Crosstex (XTXI) is back to 75. Markwest is down on its non dilutive 1 at this time.

Inergy LP increases its distribution for the umteenth time in a row. Headline crossing on Magellan Midstream as it ups its distribution by 1.5 cents. Earnings due out tomorrow.
Valero LP continues on a tear...up another 50 cents at 52.50. All it took was a distribution increase and words of distribution growth in the conference call. Sunoco Logistics also on a tear as it adds to gains after earnings/distribution increase. Fractional plusses in alot of MLPS even in the ones that went x-distribution today.

Markwest Energy is down 75 cents on its non-dilutive stock offering. I wish investor relations would make this clear but it states this clearly in the S-1 SEC filing that this is a sale of priviate investors stock...not additional or new shares.
Some breaking news this morning as Hiland Partners (HLND) increases its distribution. And we have earnings and a distribution increase from Amerigas (APU). The company is targeting 3% annual distribution increases.
Good Morning!
A slew of ex-distributions this morning including NBP, KMP,TPP,EPD,EPE, AND TLP. Meanwhile its quiet this morning on the news front. Nothing on the upgrade downgrade front. So its waiting for the open to see what it brings us today.

Tuesday, April 25, 2006

With all the uproar over gasoline prices a couple of stories on the political side. First off there is this story about Congress studying the breakup of oil companies. And there is this story that Democrats are proposing to offer a tax holiday on the federal gasoline tax. James Glassman heard Bush's speech today on the energy mess and was not impressed. And then there is this observation from Knowlege Problem. Thanks to Instapundit for the links.
After the close news...Markwest files an offering for 3 million units. I guess doing the offering now means the new shares will collect the distribution. X-DIS date is next Wednesday May 3rd. I thought these guys were going to wait until after the quarter to do this. One note. There was a Dow Jones news story last Friday 4/21 which mentions that Markwest had filed the offering with the SEC. Why the 3 day delay or did i miss some press release? Okay..sorry folks...i found the headline on Dow Jones from 4/20. This is a selling of units from unit holders that had been in priviate placements and represent 34% of the shares outstanding. So this is not an issuance of additional shares and is not dilutive.
Losers are cutting their losses here...Crosstex was down 2 now down .89..and winners are extending their gains. Relatively new issue Calumet (CLMT) is up 1 and change and over 30 while Valero is up 1 and change. Hiland LP, Transmontaigne, Northern Borders Partners and Suonoco Logistics are up nice fractions.

Valero LP charts for your viewing....note the daily breaking above moving averages for the fist time in a while.
We have some headwinds in the group today with the spike in the 10 year to 5.07 and the selloff in the XOI/XNG indexes...although by no means out of control. Still it is holding back MLPS although volume is low...which is a good sign.

Valero LP is the big winner today up another 1.13 to over 52 bucks as we get more support from the good earnings/distribution hike plus the Deutche Bank upgrade this morning. Also higher are National Resource Partners (NRP) and Sunoco Logistics (SXL) along with Teppco which is now back over 38 bucks.

Crosstex (XTXI) is down 1.33 but on non-existent volume. 100 share buys and sells in this thing and you get 50 cent upticks or downticks. Also down a touch are Copano (CPNO) and Markwest Energy (MWE). Holly Partners is down 50 cents on its earnings. The XOI is coming off its lows of the day...still off 15 points after being up 15 this morning.
Holly Energy Partners (HEP)starts the ball rolling this morning. Earnings were 2 cents shy but we get a distribution increase. Also Enterprise GP Holdings (EPE) has earnings out today and they look good....earnings from Enterprise Products Partners (EPD)were released as well.

No other news to speak of so far. We do have an upgrade from Deutche Securities as it upgrades Valero LP to BUY from HOLD!.

10 year is at 5% even. Oil reobounding from yesterday's selloff.

Monday, April 24, 2006

Good apologies as blogger was a hideous mess and i could not get anything published but things seem to be working right now so i won't waste time. Sunoco Logistics and National Resource Partners are the big winners today up over 1 and change apiece. Valero LP is also is up nearly 1 as we get a distribution increase and a positive outlook after Q2. Markwest Energy is also up nicely on Friday's after the close distribution boost.

Most of the group however is lower. Copano (CPNO) is the biggest loser on profit taking on its nice run to 48 this morning. The losers are down but none based on any corporate developements. Crude Oil sold off sharply today and the XOI is down 20...which is probably dragging down some of these. 10 year rates back under 5%...supportive.
Some news on Valero LP as the company comes out with earnings and has boosted its distribution by 3 cents. It also sees the second quarter impacted by restarting charges but higher q3 and q4. Should move the stock higher imho.

Also another news item from late Friday as Pacific Energy Partners raises its distribution.

Good Monday Morning!

A few news items to catch up on from Friday's close. Markwest Energy increases its distribution by 5 cents to 87 cents which brings it to 3.48 annual. This should move the stock today. Also announcing a distribution but with no increase is Martin Midstream Partners.

This morning we have an upgrade from Citigroup on Sunoco Logistics which goes to buy from a hold and target priced raised from 44 to 50 bucks. Should also be a mover here.

No other corporate developements this morning. Crude down this morning at 74.50 but still in breakout mode so we're on alert! This week we'll see earnings from many MLPS along with distribution increases so as the news breaks...we'll post.

Friday, April 21, 2006

Breaking lunchtime news from the boys and girls at Crosstex as we see distribution increases for the common stock and the LP. Crosstex LP is up 70 cents...Crosstex (XTXI) is up 20 cents.

Large fractional gains in Teppco, National Resource Partners, Copano (new 52 week high) Sunoco Logistics and Hiland. Losers are few and by just pennies for the most part.
Atlas Pipeline Partners in a new deal with Southwest Energy to transport indicator that production there has been better than expected. The market thinks so...stock was down before the moving higher.
Teppco on a roll here Up 1.10 but off its high on the change in GP splits. Meanwhile Energy Transfer Equity (ETE) is up another 40 cents over 25 and change as it catches up to ETP. Copano Energy is now up 1.21 on no news and Natural Resource Partners also up 1. Sunoco Logistics is up 40 cents on earnings and a distribution boost.

A few losers but nothing of consequence so far today.
Good Morning

Teppco is the big buzz this morning as last nights news of the change in the GP splits should light up the shares today. There is a pre market bid at 37.11...ask is trades so far.

No other breaking corporate news this morning. RBC Capital Markets is raising its price target on Energy Transfer Partners from 45 to 47.

Thursday, April 20, 2006

Some important news from Teppco this evening as they are changing the GP splits...reducing it from 50 to 25 percent and cap it at 25. This should be a boost to Teppco's stock price as the 25% cap reduction should allow distributions to be raised going foward. Meanwhile the distibution for the quarter is announced as well and that is unchanged from the last quarter. This statement from the press release on the GP split change.

We believe the adoption of the proposal we are submitting to the Audit and Conflicts Committee will reinvigorate TEPPCO's long-term growth prospects by lowering the cash cost of its equity capital and will more equitably align the interests of the general partner with those of the limited partners.

The motive here is to get more money to the limited partners and grow the company. Dan Duncan is doing the right thing by shareholders...i applaud him. Teppco was in a static position for the last year and has underperformed most MLPS. Look for some nice upside here IMHO. Discussion continues on the Teppco message board starting here.

MLPS were consolidating gains from the last 2 days and held up well today for the most part

Earnings and distribution news from Sunoco Logistics and there is a distribution increase for shareholders.

XOI is down 20 points which is really expected since we've had a big run recently. XNG down as well after its big run. So some of that selling having some impact here although the group is mixed to somewhat lower but nothing catastropic. Kinder Morgan Partners is the biggest loser down 1 and change. Energy Transfer Partners and Equity (ETP,ETE) are the two biggest winners although off their highs.
Looks like the downgrade by Citigroup doesn't sit well with Kinder Morgan Partners shareholders as they have sent the stock down 1. Energy Transfer Partners continues to roll as the Titan purchase sends the stock up another 50 cents. Otherwise the open is mixed to higher for the most part.
Breaking news as Plains All American (PAA) raises its distribution...albeit a modest one.
We do have a downgrade this morning as Citigroup downgrades Kinder Morgan Partners (KMP) from buy to hold. National Resource Partners (NRP) gets a reinteration from RBC Capital Markets ...a hold and lowers price target from 56 to 55 dollars.
Good Morning.
Sorry for the lack of blogging yesterday but it was very busy in to see a broadway preview for free which was nice. Anyway its upper 70s and Sunny today and i'm back to some normalcy today.

Energy Transfer Partners kicks it off this morning as they buy Titan Energy Partners which is expected to add another 10-15 cents to the distribution! Also want to back up to last nights news as Kinder Morgan Partners announces earnings and a distribution boost to 81 cents.

Yesterday's action was strong across the board with just a couple of exceptions. Markwest Energy was down 50 news as was Crosstex Energy LP although the GP XTXI was up nearly 1. Also Energy Transfer Partners was off a little but that stock has had quite a run.

Expecting another good day today as everything seems to be going the right way for the moment.

Wednesday, April 19, 2006

Good morning.
No news I could find and no upgrades or downgrades but i am at a disadvantage this morning since i had to work last night and this morning so forgive me if i missed something. We'll soon see the reactions of Northern Borders and Copano with their big distribution increases as to whether they have been priced in or not.

Looks like more upside on market momentum today. Blogging will be light as I and wife have tickets to a broadway matinee. Will try to post from time to time today. Otherwise will have a wrap-up on the board this evening.

Tuesday, April 18, 2006

Distribution boosts...Northern Borders Partners ups theirs 10% to 88 cents vs 80 cents. Its about time. And Copano LLC increases their distribution by a nickle to 60 cents.

Signs of things to come!
I got called into work today so i'll post when i can. Looks like a really nice finish as MLPS closed higher pretty much across the board. Those of you wondering about Energy Transfer Equity (ETE) and why it has not moved as much as did play catch up today as it jumped 62 cents. Crosstex LP was up about 50 cents and there were fractional plusses every. Teppco lately seems to be performing quite well.

I will try and post later as i get some time.
Nice open...and they buying in energy seems to be spreading across the MLP group. 52 week highs (and for that matter all time highs) for Energy Transfer Partners and Copano LLC. Valero LP is back over 50 and up 50 cents. Fractional plusses in a host of others. The losers are few and due to thin trading.

Enbridge gets an upgrade this morning (ENB) from TD (I'm guessing Toronto Dominion).

Atlas Pipeline Partners just went positive.

Two charts to show above is the Atlas Pipeline Partners weekly chart. Below is the daily chart. For all the agony one is seeing on the APL Yahoo message board, the weekly chart still looks pretty good and the uptrend is still intact.

Below we have the daily chart which shows us that the stock has been in a sideways pattern for the last year...we're at the bottom of the range now..the top of the range at just under 50.

With a yield at 8.5% and the prospect of another distribution increase coming; i have to believe this is a screaming buy in here.

News on INERGY (NRGY,NRGP) as it is propane shopping in Florida.

Its the Crude vs 10 year chart which is one of my favorite charts to look at. Notice the bond price decline continues but now we're at that critical spot again of 70 bucks. Will bonds turn and start to rally here indicating that crude will begin impacting economy by slowing it down? Or will bonds continue to fall in price while crude rises...indicating that inflation is a bigger problem?

And of course we have the crude chart by itself which looks like it has traced out a W bottom formation as we breakout above 70 bucks. PPI is up .1 ex food and energy (since we don't eat or use gas). Housing numbers look weak so yields are least the initial reaction.

Meanwhile in MLP land no upgrades or downgrades this morning and no corporate developments.

Monday, April 17, 2006

I think its time to come to the rescue as there is some confusion on the Atlas Pipeline Partners yahoo message board. The IPO of the GP Of APL is coming soon...3 million units. This somehow got translated into APL issuing 3 million units in an IPO....WRONG! This post clearly corrects the mis-conception.

Meanwhile most MLPS closed in the green today which was nice...including a few of the harder hit ones like Valero and a few others. I think we are at a critical juncture here with oil at 70 dollars...the 10 year at 5 % and the DOW trying desperately to hold on above the 11k level. What interests me is what happens to oil if it goes above 70 dollars and will bond yields begin to fall as a result. I put this foward because if we resume the relationship of rising oil/falling rates which we had for a time last could be the market saying that 70 dollar or more oil is going to have a real impact in slowing the economy down. Housing numbers today were not got and that brought the 10 year yield back to 4.99%. So if pressure comes of rates...this should be a positive for MLPS. And yields on some of the these are at their highest levels in quite awhile. I will post some charts when i can that might illistrate this theory later tonight or tomorrow morning.

Just some food for thought.
Considering the damage that is occuring in the rest of the market, MLPS are doing okay...looks like the group is mixed. Energy Transfer was up 1 and changed but profit taking has set in and the stock is up just 17 cents. Energy Transfer Equity is not responding to earnings as it is unchanged. Magellan Midstream ..the GP (MGG) is down again today at 20.59 news here.

Oil is up over 70 bucks....looks like a breakout is occuring.
Enterprise Products Partners (EPD) announces distribution increases! Not bad at all!!!

I will be on the road this morning so I will post again around or just after lunchtime.
Energy Transfer Equity is out with quarterly earnings. Numbers look excellent but we'll see how much of this is priced in.
Its Monday morning and the day after Easter so markets should be a bit slow today. Still Oil is hovering at 70 dollars. We do have the WSJ story about the FED and that future rate hikes are not written in stone...which is impacting the dollar. Ten year at 5.04%

No MLP corporate news and no upgrades or downgrades so far. There was a reinteration on Markwest Energy (MWE) by RBC Capital Markets late Thursday...outperform...but lowered its price target from 56 to 54.
Midnight after a long Easter Weekend filled with masses, singing, celebration and tons of food. A well deserved blogging break has come to an end! Hope all of you enjoyed your Easter festivities or your Passover Holiday if it applies.

Thank Glen Reynolds of Instapundit who links to this long US News and World Report article on what is going on in Alberta. Its a long but very good read about the Canadian oil sands and its impact in the coming years. And also read this piece in the Washington post about one of the founders of Greenpeace who now says that nuclear power may be the answer to avoiding the coming catastrophy. So now one of the leaders of a group who 35 years ago feared the nuclear holacost that would result from nuclear power plants now says guardedly that they might be our savior from oil. Amazing!

Just want to touch on Crosstex (XTXI) which had an upside key reversal last Thursday on decent volume. Lets see if it follows through in Monday's trading.

I will post in the morning before trading begins but i will be on the road for at least part of Monday.

Thursday, April 13, 2006

If you want my opinion...very strange trading in Crosstex LP (XTEX) as it is up 40 cents on very heavy pre-holiday early morning volume..Buying has not spread into XTXI yet but it is off its low. Will monitor. Otherwise its mixed action this morning.
Good morning.
With the passover holiday, and tomorrow being closed for Good Friday, heading into Easter..I suspect this will be a day where everything happens in the first 30-45 minutes and then we go to sleep after that. No news this morning; no upgrades or downgrades or reinterations so far.

10 year yield has now decisively pierced the 5% level. No surprise here

I'll keep my eye on things but unless something unusual happens...blogging today will be on the light side.

Wednesday, April 12, 2006

The bleeding continues in Crosstex (XTXI) as we near the reaction low from the Raymond James downgrade...which was at 72.40. At least volume keeps shrinking in here which is good...but we gotta bounce soon.

Otherwise we're pretty much where we were an hour ago.
MLPS are mostly higher this afternoon but volume has slowed a bit. Crosstex is the biggest loser but it has not moved much from this morning. And 21 cents of profit taking in Energy Transfer Partners (ETP)...Atlas Pipeline dipped below 40 briefly a few minutes ago but is back above it and still down on the day.

Meanwhile higher by fractions in Holly Partners, Magellan Midstream, Calumet Products Partners, Regency Partners, and Copano.

Hopefully some upside in the last hour.
MLPS are mostly higher today...led by Enbridge Energy Partners and Valero LP (of all things) up 40 cents apiece. And we have fractional plusses in a slew of issues. On the downside just a few on no volume. The Crosstex's (XTXI) (XTEX) are both down again but they seem to be stablizing especially XTXI). Hopefully we'll see up closes on both.

Listening to the screaming from the oil pits as they get the weekly oil and gas numbers. I can never seem to figure out which way they are going to move the market based on the numbers.
RBC Capital Markets reinterates its outperform on Energy Transfer Partners and raises its target from 45 to 46 dollars.

Good Wednesday Morning.
Looks quiet on the news front this morning and checking on the futures every thing is flat from stock futures to crude to gasoline so we are in pre-Passover mode. Looks like tomorrow will be a slow day since we're closed Friday.

No upgrades or downgrades to speak of. Meanwhile I've posted the daily and weekly charts of Crosstex (XTXI) as its down 4 points in 2 days on no news. From a chartist's view the charts still look in tact but we have to hold in this 71-73 area on both charts.

Tuesday, April 11, 2006

Computer issues this afternoon..hopefully this makes it.

Not a pretty day as most MLPS closed lower. Crosstex (XTXI) lost another 1.80 after losing 2 yesterday...still no news...volume only a bit higher than average. Also losing major fractions today, Magellan Midstream, Atlas Pipeline, Martin Midstream, Northern Borders, and a few others.

Only a few winners but Energy Transfer Partners (ETP) up another 1 on the conference call after yesterday's earnings...and Energy Transfer Equity turned higher in the last hour and closed up 30 cents.

There has been some questions asked about why ETE is not moving as much as ETP. I suggest the answer is partly due to the fact that its a recent IPO...,many are shy to move into something that hasn't been around long...and also it is still cannot be need 100% cash to buy it...that keeps some big players away. Bottom line is that in the long will eventually catch up imho.
The Crosstex's are down again...40 cents on the LP...90 cents on the news...and there are losers including Holly Partners, Markwest Energy, Calumet Products (although that one has had a nice run) and Atlas Pipeline.

On the winning side Energy Transfer continues to rip higher...over 1 dollar at one point but still up 85 cents...the GP..Energy Transfer Equity is down a dime however. Teppco, Valero LP and Buckeye also showing fractional gains.

Overall market tape has a bad feel to it...lets see how this plays out. 10 year yield backing away from the 5 handle.

Good Morning!
Waiting for something to happen this morning on the news or coverage front but so far nothing on the wire. Crude Oil approaching the Hurricane top at 70 dollars and is up again this morning on world crude market. Notice we're approaching a breakout point here or a triple top...the answer comes soon. Also note the divergence between OIL vs 10 year that has occured since the beginning of the year and has accellerated since late March. Seems to me that the market is saying that rising oil is inflationary and the inflation will work its way through the economy.

Monday, April 10, 2006

Crosstex (XTXI) closed down over 2 points but there was no news and volume was only just above the daily average. Hopefully just noise.

No after the market news so far but in after hours trading..Copano LLC (CPNO) trades 800 shares at 44.30..up 30 cents from the ny close. Energy Transfer Partners (ETP) re-rallied to close up nearly 1 at 40.27 and has traded a 50000 share block at 40.27 after the ny close.

F.Y.I. unrelated but important; Alcoa Earnings starts the earnings ball rolling and its up 2 after the close on excellent numbers.
sNot much change this afternoon. Energy Transfer Partners and Energy Transfer Equity are both up but off their highs...still ahead 40 cents each. Copano LLc (CPNO) joins the winners list up 34 cents as it straddles near 44. Buckeye Partners still up but off its highs.

Down 1.50...Crosstex (XTXI) while the LP (XTEX) is down 39 cents to 34. Fractional losses in Sunoco Logisitics, Trans Montaigne, Atlas Pipeline, and a few others.

Market selling off here although the DOW is trying to hold above the flat line...nasdaq down 10 points....ten year flat on the day. Oil and Oil stocks are strong however.
The Crosstex's are both down...XTXI down more at -1.41 on the day. Also down today are Markwest Energy (MWE) and Sunoco Logistics (SXL). On the winning side Energy Transfer Partners is up 40 cents on the excellent earnings news but off the highs of the day. Energy Transfer Equity is up more...60 cents higher at 24. Might be waiting for tomorrow's conference call.. Buckeye Partners now up 51 cents near its high for the day and Teppco which has performed ok of late is inching back to the 37 level.

Headling on Kinder Morgan Partners as it is aquiring more assets. The stock is up 42 cents.
Energy Transfer Partners opened at 40 and is trading just under that as of this posting up over 60 cents and Energy Transfer Equity is up sharply as well...over 24 bucks right now and todays biggest gainer.

Meanwhile most of the group is higher including Valero, Buckeye, Teppco and a few others. 10 year yield holding flat at 4.95. No other corporate news driving MLPS this morning.
In the pre-market Energy Transfer Partners is seeing bids...2000 shares to buy at shares on the sell trades so far.

Good Monday Morning.
And what a way to begin a Monday Morning than with what look like specatualar earnings numbers from Energy Transfer Partners as they blow away 1.00 concensus estimates by posting record numbers. The stock has been outperforming the entire group lately and now we know why. And read factoids post on the yahoo message board from Saturday! Should also be a boost for Energy Transfer Equity. There is a pre-opening bid above Friday's close but it is early.

AG Edwads is coming to the rescue of Valero LP as it reinterates a buy and a target price of 56 bucks....lowered from 66 bucks. Note: Dear ED, An upgrade to strong buy would have been more effective...considering the stock is down from 61 to 49 while you had a buy on it.

Oil is up this morning on Iran and nukes...etc etc etc...But i think its all about the 10 year again as we head for the 5 handle.

Friday, April 07, 2006

Once they let the air out of the bond market it seems everything took gas although they seem to be trying to contain the losses here...we'll see if it works. So much for the Valero triple bottom reversal as it is today's biggest loser among the LP'sdown 1 to 49.05...and we have fractional losses in Crosstex LP, Buckeye, Plains All American, Energy Transfer Equity, Crosstex (XTXI) and a few others.

As of this typing Copano is up 50 cents on a whopping 700 shares traded...last trade was 400 at 44.39 so if somebody sells 100 we'll be down. Calumet Products LP which we pointed out this morning continues higher up another 68 cents. A few in the group are straddling unchanged at the moment.

Holiday week next week with Passover/Holy Week etc. Earnings from Energy Transfer Partners should be announced.
Friday's are usually a little less exciting once we get past the open. Magellan Midstream Partners (billyjoe's "ponzi" scheme on the Yahoo message board) is back above 34 and within striking distance of a 52 week high. Also higher this morning Buckeye Partners and Penn Virginia Resources. Crosstex (XTXI) is down 47 cents but losses are mostly 20 cents or less among a host of MLPS. 10 year now at 4.94%...the 30 year has a 5 handle on it.

So it is all about the employment numbers which looked in-line in terms of the ten year reaction which so far is flat. MLPS have been pretty much ignoring the rate spike lately and have been going their own way. Could be the market is sniffing out the usual round of distribution hikes which offset any interest rate uptrend...or perhaps the 5 handle on the 10 year is already baked in the cake.

Crude oil a little lower this morning...Nat gas under 7 bucks.

No corporate news and no coverage changes so far this morning. A few sec filings on some of these but i have found nothing significant so far...still scanning through them however. has a nice upgrade downgrade page which summarizes all the daily coverage stuff. Check it out...makes life a little easier with this stuff.

Above is the chart of Calumet Specialty Products LP which is a relatively new issue and its been on fire. And we'll be watching Valero LP today to see if we get any kind of buy action off a potential triple bottom.

Thursday, April 06, 2006

Considering the ten year has spiked up to 4.90% MLPS are doing okay in here. Nice fractional gains in Pacific Energy, INERGY Group Holdings, Sunoco Logistics, Buckeye, and a few others. On the losing side Hiland is down 80 cents...small fractional drops in Copano and Holly Partners.

We'll see what the last hour brings.

Keep an eye today on Valero LP. Looks like we could have a weekly key reversal pattern developing along with the completion of a triple bottom. Need a weekly close above 51.60 on volume...we'll see how this plays. Daily and weekly charts are above.

Hiland and Holly Partners are losing 50 cents are more..Copano off 25 cents but seeing some buying right now..Higher are Penn Virginia Resources (after a 2 for 1 split effective yesterday), Sunoco Logistics, Regency Partners, and Buckeye all up nice fractions.
Good Morning.
A quiet morning it seems...not much going on the news or coverage front; no upgrades or downgrades. The 10 year yield spiked higher on retail sales..4.88%...the 30 year at 4.94%. I would think a 5 handle is baked into the cake here.

I had another nice day...portfolio jumped over 3% yesterday on trades in Crosstex. Hope to repeat again today. Will be watching for any developments.

Wednesday, April 05, 2006

Strength into the close...Crosstex LP is up 1 plus and Pacific Energy is up nearly 1. Teppco, Buckeye, Sunoco Logisitics, and Hiland are up nice fractions today.

On the downside Holly Partners is down 1 with fractional losses in Trans Montaigne. Down small fractions; Martin Midstream and Atlas Pipeline.
Some Strength in a few issues today, Crosstex LP is up nearly 1, General Marine (GMR) is up 50 cents...smaller fractional gains in Sunoco Logistics, Magellan Midstream, Buckeye and Kinder Morgan.

Down are Martin Midstream about 50 cents and so is Trans Montaigne (a little french pressure?). Most of the rest are down pennies or up pennies.

Hiland LP got a Reinteration from RBC Capital Markets today...outperform...down 4 cents now but trades thin and was up earlier.

Hat tip to "Printeam" who informs me that CSFB starts coverage on Crosstex LP (XTEX) at outperform.
Overall looks like a mixed start with Hiland LP, Crosstex LP, Crosstex and Sunoco Logistics all up fractions. Martin Midstream is down 57 cents but that is on the usual opening thin volume nonsense. Otherwise everything else is sitting between -20 cents and + 20 cents. 10 year rates are supportive as yields are a bit lower this morning. Not much news to speak of.
Good Morning.
Energy Transfer Partners is usually the first in the group to report earnings and they should do so any day. Just a heads up because today is not that day. No corporate developements to speak of as things seem pretty quiet. Futures this morning are pretty flat. Crude is up...over 66 dollars a barrel...Nat gas just over 7...and gasoline wholesale at 1.99 a gallon (yuck!)

No upgrades or downgrades so far but somtimes those hit the news wires late. I want to once and for all correct the Valero LP vs Valero downgrade by Goldman was Valero (VLO) and not the MLP....thanks to dow jones for the wrong headline and thanks to yahoo for correcting it.

Tuesday, April 04, 2006

On balance the group looks mixed to lower this morning. Energy Transfer Partners is ripping right along up another 50 cents on its news. On the losing side Boardwalk Partners is down 50 cents as is Crosstex (XTXI). Energy Transfer Equity is a 40 cent loser as well. Everything else is somewhere in between and not doing much on light volume.

Bottoming is a painful process. Just ask Valero LP holders and look at the chart above. Either its a triple bottom or its the beginning of another breakdown. Positives include volume decreasing into this area and momentum in the selling appears to be weakening. But that could all be a chartists bullshit view!
Good Tuesday morning.
Energy Transfer Partners signs some long term transportation agreements. We'll see if its a market mover. And that's it this morning on the corporate news side. We have stock futures a little higher this morning...Oil at 66.30 which is down 72 cents. Natural gas, heating oil and gasoline all lower as well. All the end of quarter gyrations should have been worked out by now so its back to some normality (whatever that is). No upgrades or downgrades so far. On that subject yesterday there was a dow jones headline that Goldman had downgraded Valero LP to marketperform from outperform. It was indeed correct. Goldman downgraded VLI; not VLO.

Monday, April 03, 2006

Fridays late day ramp up got undone here in the four issues i mentioned...Holly, Crosstex, Atlas Pipeline Partners, and Markwest Energy gave it all back. And as the market got ugly in the last hour MLPS finished mostly lower. Amerigas finished up 50 cents and Magellan Midstream held on to its gain but Energy Transfer came back to even. Markwest Energy was down 1.60 after being up 1.80 Friday. Holly was down over 1 and Crosstex (XTXI) was down 1 and change after being down over 2. The rest of the field suffered losses from 25 to 50 cents news on the corporate front but will watch the after hours action.
There are 4 one dollar plus losers today as Friday's late rally gets undone on these issues. Holly Partners(HEP), Crosstex (XTXI), Markwest Energy (MWE) and Hiland LP (HLND). Valero is down 63 cents on the Goldman downgrade; Sunoco Logistics, Buckeye and Atlas also down about 50 cents or so each.

On the winning side Energy Transfer is still up but off its highs, Global Partners (GLP) and Magellan Midstream are still up fractions along with one or 2 others. The XOI index is up sharply and shooting for 1100 again. The XNG index of gas companies is also up nicely. Higher energy probably offseting the pressure coming from the 10 year at 4.87% which is a little lower than earlier.
I guess the 4.90% ten year is for the most part being met with a yawn. So is the Goldman downgrade of Valero LP...although the morning is still young. (Note to Goldman Sachs: I guess it doesn't make much sense to go from out perform to market perform since the stock is pretty much underperformed!) . So far the rally late Friday is being un-done. Markwest is down 90 cents...Crosstex LP is down 40 cents. Atlas Pipeline Partners still holding on to its gain..down just a dime as of this posting. Holly Partners also holding on to the bulk of its move..down just pennies.

Energy Transfer is a nice winner this morning as it climbs 50 cents... and Magellan Midstream Partners is back over 33 (Billy joe are you watching?). And Teppco is also behaving well up 33 cents. No other breaking news.

Good Morning.

Valero LP is in the news this morning. First off we have leftover news from last Friday as Valero (VLO) will be IPO-ing the GP of VLI! And then we have Goldman Sachs downgrading VLI to market perform from outperform.

Not much else happening this morning so i guess the question becomes what happens to the last 15 minute upside move on several of these.

Saturday, April 01, 2006

God bless "chart" who has diligently compiled this spectacular chart on three of the better performing MLPS and the ten year yield. Here are his observations:

There is a clear short term reaction to interest rate movement, or likely talk about it in the news, but, MLP's just keep on trucking along over a longer period.

One might be wise to watch the 10 year and buy MLP's when the interest rate cycle nears a peak in it's up/down cycles. However, if one keeps their cash in low interest while waiting, they might just get left behind.

The chart only shows unit price appreciation, not counting distributions. Since this is about 2 1/2 years you could add another ~16% in distributions to the MLP gains.

I agree completely. Traders might be wise to perhaps to use short term reactions to move in and out of some positions...but core position builders who are buy and hold types can see that the down moves have been hic-cups that continue to be resolved with higher highs...and higher distribution. You certainly could have done alot worse!!!! Judging by the action of the last 2 weeks i would argue that MLPS have already digested the interest rate increases...So unless the fed goes off the wall and we head for 5.50 or 6 on the 10 year; we should be in pretty good shape.
There is a series of posts on the Magellan Midstream yahoo board that have really pissed me off. It starts here with a billy joe post and move from there. Here is my response to him. I'll post it on the MMP board later since i can't do it from work.

"rather pathetic results."
You really believe that being up 6% in 2 months time on an investment is a pathetic result???
At least "chart" has the intellectual honesty to disclose his long position and when he purchased and at what price. For all your screaming about a "ponzi" scream i have yet to see a post where you tell us how much you shorted and at what price.
And f.y.i. due to some well timed trades in MLPS during 2005 i was up nearly 103% in one account 30% in another. Those MLPS include KMP and MMP and none of this was achieved in a short trade. Pretty pathetic
So put up or shut up..when did you short...and at what price. Broken clocks are right twice a day (except tonight with Daylight time losing the hour from 2:00am to 2:59am)and maybe you will be right in the long haul...but when you refer to charts numbers as "pathetic results" your either a moron or a fraud. No one could be that ridiculous!
See you at 5 dollars or has your downside target changed?
oh and btw visit my blogside at
you just might find it useful!
(upgrading MMP to strong buy based solely to annoy Billy joe)