EARNINGS, DOWNGRADES, TROPICS

News flow is a bit heavy this morning as we have earnings to chew through. Energy Transfer Partners (ETP) announced earnings last night and so did EV Partners (EVEP). They reported a 2% decrease in distributable cash flow which caught my attention. Conference call going on right now. Markwest Energy (MWE) reports quarterly numbers and updates us on Marcellus Shale. Finally Boardwalk Partners (BWP) is doing another offering of shares; 7 million worth coming to market. And finally we have the GP of Enterprise (EPE) reporting earnings.

In the land of downgrades we have Morgan Stanley (MS) downgrading Energy Transfer Partners (ETP) to market perform from outperform. Lately these downgrades have been a buying opportunity. Stock is down 1.50 before the open. So we have corporate issues to move prices this morning. Also as we open this morning nat gas has just taking a hit of selling along with stock futures.

Okay its a down open by over 2 points on the mlp index being led lower by Energy Transfer Partners (ETP) as its down nearly 3 right now. EV Partners(EVEP) is down fractionally at the moment so earnings seem to be priced in. Boardwalk (BWP) is down 1 on the offering. Right now most mlps are lower with mainly fracitonal moves.

The tropics are heating up but right now the energy market just shruggs and nat gas goes down.