ENERGY COMPLEX DOWN,

NATURAL GAS UNDER 6 BUCKS

From a corporate standpoint this morning we have breaking news from Buckeye Partners (BPL) which is buying another storage facility. Also this morning Global Partners is hiking its distribution. Otherwise isn't much going on. Stock futures are selling off this morning on the subprime Countrywide Credit news among other things. We're also seeing a sell off this morning in the entire energy complex with oil down a dollar and natural gas has decisively broken below the 6 dollar mark and sits down 18 cents at 5.85. I have been building a position in the UNG ETF since friday and i have room to add some more today. But its been straight down from 8 dollars and i would think this has to bottom soon. But the chart does look ugly.

No hurricanes in the Atlantic basin and nothing that looks like its going to develope anytime soon. But they will come eventually.

So i would think that all the headwinds are going to mean a lower open for MLPS. The 10 year sits at 4.95% and we'll be watching for any sign of a flight to quality as MLPs will benefit from that. No upgrades or downgrades on the list this morning. We're getting closer to the big round of ex-distributions that will occur beginning late this week and taking us into August.