BRIETBURN ELIMINATES THE DISTRIBTUION
AS MLPS SWOON..AS IS EVERYTHING ELSE!

The Breitburn (BBEP) distribution elimination actually was announced Friday after the close and the stock is taking a 3 point hit today as it trades at 5.70. No reason to hold an mlp if you are not getting paid to hold it. What probably keeps this one from falling completely into the abyss is that the companies guidance for 2009 is not too bad and that company is doing this to keep it within all its loan covenants. Still down 3 points is a big percentage cut.

Meanwhile today looks like one of those horrible days we saw so much back near the beginning of the year and we have the dow down 270 as of this post and the mlp index down about 4 and at the lows of the day.


Crude oil is getting hammered down over 4 dollars as it follows equities so the day is a mess as we head into the last hour.

Kinder Morgan (KMP) is actually up fractionally today. Transmontaigne (TLP) and TC Pipelines (TCLP) are today's other small winners. Otherwise lots of losers being led down by Enbridge (EEP) down nearly 2 and Holly Partners (HEP) down 1 and some change. EV Partners (EVEP) and Plains All American (PAA) also showing 1 point plus losses.

Quicksilver Gas (KGS) announces its distribution. The stock is down 70 cents. Ferrellgas has some positive financing news and the stock is up 17 cents as of this post.

Sorry for the late first post today as i am finishing up on a job that has me tied up a bit. I should be back to normal Wednesday.