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Thursday, June 12, 2008

You get a headache after awhile looking at all this. Crude was down nearly 5 dollars at one point and nearing 130 when..of course it reverses and within an hour or so time its up 1 and change and near new all time highs. Now its down again by 1....no sorry its back to unch.

All of this course is playing havoc on the markets which have come off their high on stocks. MLPS are a little lower. Big energy is lower by 1% or so.

The shipping MLPS are getting hit hard again. US Shipping is under 3 now and down another buck and change; soon could be the only penny stock mlp! Teekay on its stock offering is also down 1. Plains All Americna (PAA) EV Partners (EVEP) Nustar (NS) Buckeye Holdings (BGH) Holly (HEP) and Oneok (OKS) all fractional losers.

On the winning side Alliance Resource (ARLP) is up another 2 dollars at 52 and change. You couldn't give this one away in the mid 30s a few months ago. Alliance Holdings (AHGP) is up 1. Buckeye (BPL) Eagle Rock (EROC) Natural Resource (NRP) and Constellation (CEP) are all small fractional winners.

Crude is now up nearly 1 and close to new all time highs again. Market continues to pull back away from the highs. You just get the feeling that crude oil wants to spike up to 200 don't you? And i wonder what that would do to stocks as awhole. Take a guess..it won't be pretty. But the market behavior i think is telling us that even the big energy stocks will go down from here along with everything else. And mlps will probably follow.

3 comments:

Mr. Pipes said...

Brutal performance this week in MLP's. NS, BPL, WPZ, etc have just gotten crushed.

I am going to take a wild guess and say that Lehman is liquidating it's book of MLP's...

joewxman said...

could be. I think your description is a bit strong..i wouldn't say crushed. But i guess it depends if you are long the victims or not. They are definitely not selling the same mlps they were selling in March.

Mr. Pipes said...

It doesn't help that we are trapped in crude oil hell either.