HERITAGE TAKES A STAKE!

Poor holders of Calumet Specialty Products (CLMT) have seen their investments implode thanks to the unrelenting crude price rise. Refiners have been squeezed as demand for refined products remains low and margins are down to almost nothing so you can't make any money...or worse you bleed money. The chart bleeds!

This morning we have a Dow Jones headline that Heritage has taken an 18% stake in Calumet. Here is the 13d filing. BTW they say they plan to purchase an additional 750,000 shares between now and the end of May. Glory! Speaking of bleeding UBS cuts US Shipping (USS) to a sell. US Shipping yesterday said that future distributions are at risk thanks to horrible business conditions for them.

In other news this morning if you were planning to apply for the job of Senior VP in charge of exploration for Chenire Energy (LNG,CQP) don't bother. The company announces it is eliminating that position. I just have a headline here...no details. But when your stock has gone from 40 to 4 in a hurry it can't be good news.

Insiders have been active lately and i would point to DCP Midstream (DPM) which has seen a couple of insiders step up to the plate and buy some shares in the open market. Open market purchases are bullish in my view.

Crude is down 56 cents as of this posting ahead of inventory numbers. The crude market made a new contract high yesterday at just under 127 but closed off that high. The US government will stop buying oil to fill the SPR which is a good symbolic move in here. Crude is completely out of control and i still maintain that when the right piece of news comes along you will see 20 bucks come out of the price in a hurry. Nat gas is up 25 cents this morning and is getting closer to 12 bucks now. Nat gas is in its own little world right now and will probably hold up to some degree should oil sell off big. The dollar continues to rally and we wait CPI at 8:30 am edt. Stock futures are a little weaker this morning ahead of the number,

MLPS continue to hold their own in here. Penn Virginia Holdings (PVG) broke out of a base yesterday and is back over 30. Constellation (CEP) is getting back to near 20. EV Partners (EVEP) is getting back to near 30. We continue to (slowly) head in the right direction. And pessimism on this board by posters continues to remain bearish overall...a good sign!