UPGRADE THE LP...DOWNGRADE THE GP.

Deutche Bank is upgrading Buckeye Partners (BPL) and raising its target price to 59 dollars from 51. At the same time it is downgrading Buckeye Holdings to hold from buy and holding its price target at 28 dollars. Upgrades and downgrades make for one day moves if that.

The LP has underperformed the GP over the last year. In fact Buckeye Holdings has more than doubled since its IPO last year near and traded as low as 15 dollars.

In the news this morning K-Sea Partners (KSP) is doing an offering of 3 million shares. The stock was up nearly 2 yesterday. Stock is offered lower in the pre-market. Not much else happening this morning on the news front.

Natural gas is getting nailed this morning for 25 cents and is down under 6 dollars again. Oil is up near record highs. The 10 year rate is rallying up to 4.60%.

Yesterday the MLP index closed up nearly 2 points which was 1 point off the high of the day. Still we are slowly reparing the damage of last month.