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Friday, March 31, 2006

Anyone who watched the last 15 minutes of trading saw some wild moves. My portfolio jumped over 6% in that time frame (Horray!). Crosstex went from 33.97 to 36 in a matter of seconds as shorts covered rapidly. Markwest Energy also shot up from 44.90 to 46.80 at the close. And there were a few others as the quarter closes including Atlas Pipeline Partners and Holly Partners; the latter jumped 1 in the last 10 minutes. I searched the naked short list on the exchanges to see if any of these stocks were on it but so far it looks like they were not. If this were just end of quarter short covering i would look for these moves to get reversed early next week. The stocks involved also have been laggards lately in the mlp universe.
Most MLPS are lower today...Plains All American leads they way after Goldman downgrades them...the stock down nearly 2 bucks. The GP of INERGY is down 1 as news there...and we have fractional losses in Pacific Energy, Energy Transfer Equity, Buckeye and Kinder Morgan.

On the winning side Hiland LP is up 75 cents on the asset purchase, Amerigas is up for you propane fans and Martin Midstream which was lower by a little bit is now up by a little bit. Portfolio juggling continues on this last day of q1.
We'll begin this morning with breaking news which i could not get to last night. First off Valero LP announces it has completed its sale of some New Zealand assets. Northern Borders Partners is aquiring the remainder of a pipeline it already owned part of. Hiland LP (HLND) is buying energy assets that will be immediately accretive.

Its end of montha and end of quarter and a Friday so there may be some distortions today although i would think most of the window dressing has been taken care of. Futures are flat this morning. If its a typical Friday much of what will happen will take place between 9:30 and 10am and we'll just sleepwalk the rest of the day. Its a nice day in NYC with temps reaching 70 or better so the itch to be outdoors and away from the trading desks will be there. Nothing in the upgrade or downgrade department.

Blogging will be light this morning as i have a school function to deal with.

Thursday, March 30, 2006

Strenght in the last hour here in the market as the averages come off their lows. For all the interest rate pressure MLPS continue to behave very well...mixed perfomances among the GP's
Crosstex (XTXI) is up1 and a fraction while the LP (XTEX) is down 50 cents. Fractional gains in Copano, Plains All American, Enbridge Energy Partners and Holly Partners.

Martin Midstream, Regency Partners, and Buckeye lead the losers; down fractions here. Most other losses are small..less than 20 cents in most cases.
If you ask me...these guys are holding up pretty well considering the 10 year is almost to 4.90% and on the verge of breaking out above the April 2004 high of 4.93. The group is mixed with Martin Midstream down 31 cents. Magellan Holdings and Energy Transfer Equity are done 40 to 50 cents each...most other losers in the range between zero and -20 cents.

No afternoon headlines on the corporate front so we dance the market's dance until or unless something happens.
I guess for now we're shrugging off the 10 year yield rise because prices are higher in MLP land this morning. Most aren't up by much but they are up. In the GP's Crosstex (XTXI) and Enbridge (ENB) are up nicely this morning. Valero LP is up about 20 cents. Among the losers the drops are small and none of them are being driven by any kind of volume.

Looking at these charts of the 10 think we're headed to 5% or will the April 04 high of 4.93 intra-day hold? Chart action would bet on an upside breakout to a 5 handle. And what impact will this have on MLPS. So far this year as factiods has pointed out...most MLPS have positive returns without including distributions. So maybe its all priced in already and their behavior would indicate that we're "one and done" on rate hikes..and either this was the last one or we have one more coming in May and thats it. On the other hand...inflationary pressures are there...Gold today is up sharply..Oil is at 66 bucks a barrel. That's what makes a trade!

Still nothing on the news front this morning.
Good morning.
So far all i guess we move according to end of quarter distortions etc. Oil over 66 bucks, nat gas firm, and gold ripping to the upside. Stock futures flat to a little lower as we wait GDP at 8:30am.

Wednesday, March 29, 2006

Dan Duncan is shopping as he buys more Enterprise Product Partner shares in the open market. No other aftermarket news to speak of so far.
The google search bars and the google ads have come off because the bastards have accused me of unauthorized clicks...frankly i have better things to do than to sit around and click on ads so i can pick up a few pennies. I don't know what the problem is but that's my issue.

Meanwhile back to MLPS which are doing well overall today. The losers are few...Plains All American is down 30 cents and small losses in Martin Midstream, Magellan Midstream (MGG) and one or 2 others.

Transmontaigne is up 1 and change..Kinder Morgan is up 50 cents and we have a host of small fractional gainers!
Strength in MLPS today so the rate hike and the ten year hitting 4.82 doesn't seem to be a problem so far....10 year down to 4.78% right now as of this posting. One point plusses again in Transmontaigne with the Wachovia upgrade. Copano (CPNO), Crosstex (XTXI), Magellan Midstream Partners, Kinder Morgan, Valero and few others up fractionally. Losers are few and far between and only by pennies really. Energy Transfer Equity and Partners are both down about 20 cents but these have been the leaders lately.

Trying to get my taxes done and entering those wonderful K-1's. So far no issues.
Good Morning. I have to remember not to blog when i'm half asleep. Last nights post with a link to Althouse's Sopranos summary will actually take you to Dan Duncans SEC filing where he purchased some EPD shares. Was I at some level trying to equate Dan Duncan with Tony Soprano? Or perhaps Paulie Walnuts! Well its my subconsious problem. Also Euro Trash pointed out another error..Broadway Partners is incorrect...its Broadwalk Partners (BWP). Anyway the correct link is above to Althouse...enjoy!

Okay this morning we have upgrades and new coverage. Magellan Midstream (MGG) is started at a buy and you can thank A.G. EDWARDS for that one. We also have Transmontiagne getting an upgrade as Wachovia goes to buy from hold. Recent IPO Regency Partners posts earnings and will have a conference call this afternoon at 3pm.

I don't see any followthrough selling this morning, futures are higher for now.

Tuesday, March 28, 2006

No after market news this evening. Frankly with the rate hike and the market selling off this afternoon MLPs i thought held up quite well overall. One of the things that came to mind as i was being tortured by my doctor...that maybe we're at the point where these stocks have very little downside...since the yields on many of these are still holding near the top of their ranges. The prospect of distribution increases and were 6 weeks from the next round of them seems to have put a floor under them. Of course we'll see tomorrow if there is any follow through on the selling in the overall market tomorrow and if that selling spreads to MLPS or will they continue to hold. The chart action and the recent breakout of the leaders says to me that we'll be okay here.

Now for some fun...Althouse blogged about the Sopranos and for you fans of the show it is a must read. And if your really into the symbolism check out the Television Without Pity forum because its loaded with stuff.

Amercian Idol far 3 singers and 3 disasters. Lisa was very ordingary...picking a song bt Kelly Clarkson and it did not work. Kelly Pickler went with a song that had soap and suds in the lyrics. A country song that was childish and just didn't work. Ace was awful and he is a cheeseball. Taylor Hicks who I also can't stand is singing Trouble which is an unusual song. It was alright but nothing special. You know what...Althouse will blog about this later...i'll leave it up to her and post her link.
Whoops....big mia culpa here on the Transmontaigne (TMG) was Semagroup instead of Morgan Stanley and no further talks are going on with Morgan Stanley. My apologies for the error...don't know where my head was at this morning.
I was at the doctor's office all afternoon and just got back so i apologize for the lack of posts. The fed did what it did and 10 year rates spiked higher...the dow turned lower and MLPS are mostly lower but not by a whole lot. Transmontaigne is still up over 1...and the few winners are up only pennies. The losers are down but not by much either. Buckeye is still down by 50 cents...and Holly is down buy 33 cents.

Some stock reinterations on Crosstex and Broadway impact.
The standout this morning is Transmontiagne (TLP) as the GP TMG accepts a takeover offer from Morgan Stanley. TLP is up 90 cents...and we'll watch to see if this is a chart breakout later in the day. See charts in an earlier post.

Meanwhile MLPS are mixed to higher at the open. Copano is up 27 cents as is Magellan Midstream. Buckeye, Crosstex LP and Energy Transfer have small losses.

Good Morning,
Quiet this moring; today its all about the fed meeting and the next 1/4 pt hike. Recent MLP strength suggests to me that the group has sniffed out an end to rate hikes. We'll see what is derived by today's statement.

Meanwhile on the corporate front late last night TMG agreed to be aquired by Semagroup. Transmontaigne (TLP) meanwhile rose on the initial news and has since given the gain back. The question for TLP will be if Morgan Stanley (the new owners) will be aggressive in buying assets to grow TLP or not. TLP has not been around long and if one looks at the chart...there is an almost perfect inverse head and shoulders bottom that was formed and the stock has reached a near breakout point. Back to the TMG/TLP issue i would think Morgan did not buy this GP just to sit around and collect a flat non-growing yield.

No upgrades or downgrades so far this morning. PAA and ETP at 52 week highs and chart breakouts on both. These 2 have emerged as the current group leaders.

Monday, March 27, 2006

Strength heading into the close with Holly Partners leading the way...up nearly 1 and we now have some strong fractional plusses in Crosstex (XTXI) and Energy Transfer which goes ex dividend late this week. Copano is down 45 cents..and Crosstex LP is down 40 cents among the losers..The group looks evenly split between winners and losers. The strong closes lately is bullish and look for more upside breakouts to join Plains All American and Energy Transfer Partners.

Two more charts for your viewing pleasure...Markwest Energy. In the interests of disclosure here i am long this stock...the top chart is the daily chart and its an excercise in futility...however imho if you look at the weekly chart it is far more constructive....the support at the moving averages is holding...and we could be on the verge of an upside breakout...47 plus on volume would do it for me. Problem with this one is the volume is so thin on some days you go insane between trades. Prospects for distribution increases in the 2nd half of 06 could be the driver. Just more food for thought on a day when the MLP remains mixed...although a few more winners are now on view.

Thought I'd put two of the best looking charts in the group as they are at or near 52 week highs! Plains up a dime right now to a new high...Also up 83 cents today is Tortoise (TYY) news there. Could be the Wall Street Journal arcticle today on the front page about what is going on in Canada. If it is then its not helping Enbridge any (EEP,ENB). I believe TYY has some Canadian Royalty Trusts or Canroys in it.
The moves this morning are small and only pennies really in either direction. No news drivers so far today so its pretty much end of quarter/fed watch mode to start off the week. Amerigas is the biggest loser today down 43 cents...while we have a couple of 20 cent winners in Hiland LP and Broadway Partners (BWP). Sunoco Logistics is up 40 cents.
Good morning!

Very quiet this morning with no corporate developements so far. I am working this morning so blogging will be light until 11am.

Last wednesday Friedman Billings Ramsey (i'm not sure which one) lowered their price target on APL from 53 to 48 bucks. Could account for midweek weakness...closing near the high for the week was far more important.

Saturday, March 25, 2006

I want to remind everyone to head over to Euro trash's yahoo research group on is excellent and loaded with info and research reports on MLPS. Very much worth your time....Blog roll link has been added on the side.
I want to remind everyone to head over to Euro trash's yahoo research group on is excellent and loaded with info and research reports on MLPS. Very much worth your time....Blog roll link to be added shortly.
A rare Saturday post from may have noticed i moved a few things around and added a google search bar at the top of the page. It will open into a separate window so you can not only google search my site but the entire web and still keep my page in tact. Also i appreciate that you folks visit my sponsors by clicking on their ads. A big Thank you.

One of the things i will be working on is possibly adding podcasts. Once tax season is out of the way i will try and get this done. One of my main goals will be perhaps to use podcasts in getting relevant interviews with some of the movers and shakers in the companies we invest in. We'll see how it goes.

Friday, March 24, 2006

Euro trash reports Citigroup ups Broadway Partners (BWP)...stock up 26 cents. Meanwhile Crosstex (XTXI) is holding on to a 10 cent gain as it seems to be stablizing in here. 30 minutes to see if we can hold it for the close. MLPS continue to do well as we close near the highs of the week in most of them.
Atlas Pipeline Partners made a reg fd filing that hit the wire around 11 am...the stock popped a bit although i can't see what was filed and it could be just co-incidence.

Meanwhile falling 10 year rates suggesting that the fed may be one and done off the housing data...MLP strength supports this theory.

Buckeye Partners down 50 cents is the only notable loser.
The Crosstex (XTXI) bounce seems to have taken hold as they sold em down to 72 and now the stock is up on the day near 74. The MLP group overall continues to add to the strength of yesterday. Plains All American, Valero LP, Kinder Morgan Partners and Magellan Midstream Partners up major fractions. Enbridge and Sunoco Logistics also fractionally higher.

Buckeye Partners seems to be the only standout loser today down 30 cents. No corporate drivers today.
Good Morning everyone.

NO news this morning of upgrades or downgrades. Hopefully we'll see some followthrough to yesterday's strength so we can close at the highs for the week. Meanwhile will the Crosstex's bounce to day after 4 down days. The open follows.

Thursday, March 23, 2006

Last hour...MLPS holding up okay in here...although they have come off their highs a bit as the dow sells off...down 73 points. Nasdaq down as well. Just wish XTXI would stop going down..XTEX seems to have stablized.

I use the 34, 55,89, and 144 day moving averages...why you may ask? They are fibinocci numbers and i've been pretty successful in using them to pick bounce points. Notice that XTXI is resting right on it today...It bottomed there yesterday and its sitting right at that low as i blog. I'm really hoping that this is the floor. We have not taken out yesterday's low of 73.02...but we are close with just 30 minutes left...fingers crossed!

Apparently Goldman raised its target from 100 to 108 on this yesterday when Ray Jimmies did its downgrade. Right now we seem to be focusing on the negative but at some point the market will realize this thing still has growth ahead of it.

Atlas Pipeline Partners has just made a new high for the day! 41.49
Thanks to euro_trash head here to read about Kinder Morgan and Citigroup...and we recommend you bookmark it.

Strength holding up nicely in the group while the rest of the mark seems to be laying there. Even a few upticks in Crosstex!
Leaving the Crosstex's aside which are both down...there is a lot of strength in the group today. Magellan Midstream is up a dollar...followthrough from yesterday. Lots of nice fractional gains in Valero LP, Atlas Pipeline LP,Enbridge Energy Partners, Teppco, Markwest Energy Partners and Holly Partners.

Kinder Morgan Partners gets an upgrade from Citigroup and the stock is up 75 cents. Poor Billy Joe on the MMP and KMP board since he is short both and has a 5 dollar price target on MMP and a 34 target on KMP based on a point and figure chart.

Martin Midstream is down 30 cents but it is just consolidating gains from the last few days. New Issue Regency Partners (RGNC) gets a buy from AG Edwards but the stock is down a few pennies.

Wondering if the group is sniffing out an end to rate hikes?
Not too much happening this morning. Follow through buying in Magellan Midstream after yesterday's upgrades up 22 cents. Enbridge is higher as well up 36 cents. Copano up 65 cents is the biggest winner. Not many losers so far today. Both Crosstex's are seeing a little follow through selling but nothing dramatic...and hopefully they are putting in bottoms after yesterdays Raymond James downgrade.

Will watch carefully of course for any developements.
Good Morning!

Not much happening this morning with no corporate news and no upgrades or downgrades. Need a little break after yesterday's long day of news. On the watch for any morning developments. Should be home from work around 11am and will catch up on everything then.

Wednesday, March 22, 2006

News after the close today

Dan Duncan spent some money as he buys 15000 shares of EPE in the open market yesterday.
OOPS...Thanks to my posters for pointing out a couple of misses today.

First off Trans Montaigne got an offer from Morgan Stanley to buy it out. The stock is up 1.55 to 9 bucks which is a nice move...meanwhle the LP...TLP is up 80 cents. No news on the takeover there...looks like the LP is left to stand alone. Will be checking for details. Not much posting on the TLP board.

Meanwhile Magellan got coverage from Credit Suisse at Outperform and Lehman resumes coverage as that's the reason why that one is up.
The three losers today...still are. Crosstex is down 3..the LP is down 75 cents and Enterprise (EPE) is down 1 and change.

The rest of the group continues higher this afternoon with a large contingent of fractional plusses...Magellan Midstream continues to the the strongest one today..up 88 cents.
Goldman reinterates outperform on both Crosstex and Crosstex LP. Thanks to a YAHOO poster for these details. This is probably the reason why the stocks look like they have a floor underneath them. Hopefully it doesn't give way!

The downgrades are impacting the losers today obviously...strangely Crosstex LP traded down nearly 2 points and then rallied back to actually being up on the day...right now its down 61 cents which is well off its low. Crosstex (XTXI) also off its low but it is down 3. Trading is active in both with wide price swings so far. EPE on the sell rating is down 67 cents. Magellan Holdings is down 10 cents as coverage begins there by Duetche Bank with a hold.

Meanwhile most MLPS doing well this morning. Magellan Midstream Partners (MMP) is up 80 news there..Amerigas, Sunoco Logsitcs, and Kinder Morgan (KMP) are up major fractions. A host of others are also on the upside.

Just another comment on the Markwest insider is the first open market purchase by a director since December of 2004 when the stock was trading at about the same price.

Back to the Crosstex's...I posted the charts above. XTEX looks better than XTXI for now. Its still a long day of trading ahead.
Knighttrader is reporting downgrades in Enterprise Products (EPE) and and Energy Transfer Equity (ETE). Enterprise is started at a "sell" by Deutche Securities which is not something you see very often and it starts Energy Transfer Equity at a buy. Please note that he has ETE as a downgrade...i'm not sure if he has something additional from another brokerage house...if he does i don't see it.
We have a downgrade this morning as Crosstex Energy and Crosstex LP both downgrade by Raymond James from strong buy to outperform...i guess based on the underwhelming guidance of last Monday. XTXI is bidding 1 dollar under yesterday's close.
Good Wednesday morning.

Hopefully a better day today as the Nasdaq will open under pressure with the Microsoft news. That money needs to find a home somewhere. Meanwhile no news this morning. Just want to touch on the Markwest Energy's insider purchase. Purchases in the open market to me have value because its someone putting his or her money where his or her mouth is. In this case the insider more than doubled his position from 2000 shares to 5000 shares. Nice vote of confidence there. Lets see if anyone else joins in.

Tuesday, March 21, 2006

Today was the debut for Google Finance. Take a look and the one thing i liked about it was the blog list that comes up when googling a stock symbol. Take a look kiddies!

Microsoft had some news about a big delay in its new operating system until sometime next year. Techs are getting sold in after hours...and that could put the tape in a defensive position tomorrow...which would be good for MLPS!

The close today was about even with the rest of the day...more losers than gainers. Hiland LP and Crosstex Energy LP finished higher by about 30 cents they were the biggest gainers. Crosstex (XTXI) was down over a buck with fractional losses in Sunoco Logistics, Copano LP, Plains and a few others. Volume was unimpressive however.
We have an insider purchase at the market over at Markwest Energy. There was some action last friday morning when the stock gapped up a buck for no we know why.

No other breaking news after the least so far.
We have an insider purchase at the market over at Markwest Energy. There was some action last friday morning when the stock gapped up a buck for no we know why.

No other breaking news after the least so far.
Citigroup decides that Martin Midstream Partners (MMLP) should be a hold as it initiates coverage. Stock up a few pennies this afternoon. Hiland LP is the biggest winner today up 50 cents and Crosstex LP (XTEX) has pulled back but its still up 36 cents. A few other winners up just pennies and for no particular reason.

On the downside...a few more than on the winning side with Plains All American, Sunoco Logistics, and Teppco..all three losing major fractions. Also no news is driving any particular issue.
More red on the screen this morning than green....the ten year up to 4.72 isn't helping matters i suppose but there is no corporate news driving the group today. Crosstex (XTEX) is bouncing off of yesterday's sell-off so that's encouraging. Martin Midstream is up a few pennies as is Valero. Fractional losses at Plains All American Sunoco Logistics and one or two others...the rest are down but not by much.
Good Morning.

Quiet out there this morning has i check news breaking headlines and no upgrades or downgrades. I t will be interesting to see where the Crosstex's (XTEX,XTXI) go today after positive foward looking distribution/dividend guidance that was not viewed that way at least initially.

PPI will be the driver for the 10 year today along with last nights speech by the fed chairman...right now at 4.65% pre ny open.

Monday, March 20, 2006

That is the link to the Crosstex analyst meeting today where they underwhelmed! Its 3 hours long and honestly i don't have the time to sit through it. But if anyone has the time...and some info please by all means share it with us in the comment section.
Selling in Crosstex LP (XTEX) continues as its now at its low for the day..under 35 and down nearly 2 dollars...Penn Virginia Resources (PVR) is down 1...Buckeye LP down 50 cents. Martin Midstream down 34 cents...most everything else is down under 25 cents. Copano is a winner right now up 40 cents and near its high of the day. Energy Transfer is up another 15 cents...and a few others are up pennies.

On the watch for after market developements.
Clearly they were a little underwhelmed by the Crosstex guidance as both stocks are down. XTEX is down a bit more than XTXI since the dividend growth on XTXI is higher than the distribution growth of XTEX. Still growth is growth and perhaps after the initial selling the market may come around to a different view.

The continution of a sleepy selloff in most MLPS today...Moves are small...except for the Crosstex action...Buckeye is down 40 cents..Valero down 35 cents.
Sometimes MLPS can make you feel like your sleepwalking when you watch them trade. But the always wise CHARTNY has an interesting post worth reading regarding whether this is a good time to short MLPS. His numbers about how MLPS have done so far in 2006 might be a bit revealing.

Crude oil is down a buck so far today. Rates however are doing nicely with the ten year yield down 0.30 at 4.64%.
Crosstex gave guidance..and so far the market is yawning. Not much happening either way. In fact MLPS aren't doing much this morning as a group sitting a few pennies either side of unchanged. Holly Partners (HEP) continues to sell off on the Lehman downgrade last Friday. Copano is up 40 cents...volume overall is pretty thin. No other corporate developements this morning.
Good Morning.

Headlines this morning from Crosstex as it issues guidance for 2006. Here is the bottom line from the press release.

The Partnership currently expects to pay total distributions for this year between $2.10 and $2.20 per unit. Based on that range the Corporation would receive total distributions between $40.6 million and $44.3 million from the Partnership. The Corporation anticipates direct cash expenses associated with its operations outside of the Partnership of approximately $1.5 million. The Corporation expects that it will incur only nominal current year income tax expense due to tax loss carryforwards and other tax benefits it expects to use in 2006. However, it will continue to set its dividends as if it were a taxpayer. Therefore, it expects to pay dividends of between $2.40 and $2.65 per share in 2006

Conference call to follow beginning at 8:30am. Can't tell anything yet in the pre-market.

More posts as time allows this morning.

Friday, March 17, 2006

Blogger has been down all day so i have not been able to make any additional posts until now. Martin Midstream is the star of the day again...and there were three insider buys done at the market which are always a big positive in my book. Details here for Ruben for Robert Bonderant and last but not least here for Massey Scott. Remember insider purchases at the market with their own money is an example of someone puttting his or her money where his or her mouth is!

Holly Energy Partners (HEP) was today's biggest loser on the Lehman downgrade to market perform but when you look at the charts...they really are just stating the obvious. And while it looks like Holly might have broken below the recent range be advised that this stock has a habit of breaking down out of a base and then rallying above it soon after. No guarantees that it will be the same this time around...just pointing it out.

Monday is the Crosstex call..we'll be in on it. Also will post anything important over the weekend.
On the stocks that had news this morning Martin Midstream is up 60 cents and off its high on the Raymond James upgrade. Holly Partners is down 30 cents on the Lehman downgrade. And Northern Borders is flat on the lehman reinteration of market perform.

Markwest Energy (MWE) is up 78 news there and there is some volume this morning in this one. Copano, Energy Transfer Partners both up again and at 52 week highs.Plains All American and even Teppco is up!

Not many notable losers
I just added a new link to the blog roll..its Knight Trader. Its loaded with good info on stocks and trading. This morning he posted a list of all the upgrades and downgrades for example which sometimes are hard to get before the open. Also has top morning headlines, and charts on stuff other than MLPS (I know to us we're the end all but thats our secret!) Check his site out. It is worth the time.

Somebody blew out 14,100 shares this morning of Crosstex (XTXI) and also blew out 47,200 shares of Holly Corp (HOC) both trades posted at 8:01 am. I wonder if there is any connection?

Martin Midstream (MMLP) has a 30.75 bid in the pre market. Ask at 31.88
Things are busy in the upgrade/downgrade department. Raymond James upgrades Martin Midstream to a STRONG BUY! from outperform. Second upgrade in as many days. Lehman Brothers (which one?) re-interates Northern Borders(NBP) at equal weight...and downgrades Holly Energy (HEP)to equal weight from overweight.

Crosstex holders (XTXI,XTEX)..2006 guidance will be announced Monday morning! Be there or be square.

Not much else happening this morning. Its Friday and trading is usually a little less interesting but i've got my eye wide open for any action. Crude down pennies this morning after yesterday's price surge. Nat gas down 14 cents.

Rigzone has a piece on the big Mexico oil find but nothing hits the market for about 2 years. Also a nice summary read from This Week In Petroleum! Also some peak oil discussions and what Exxon Mobil has to say about this at Econobrowser. Read some of comments as there is no lack of opinion on this.

Also Iraq may not only want to nuke us and Israel but it wants to hit us in the oil pocket as well. Attacks don't always come with fireworks.

Okay kids this should keep you busy for awhile. Martin Midstream has some stock to buy about 15 cents above yesterday's close but nothing offered in the pre-market. Holly has stock for sale about 40 cents below the close. No offers to buy yet.

Thursday, March 16, 2006

The group is doing very well...many issues adding a touch to morning gains. 1 point plusses or nearly so in Martin Midstream, Plains All American, Crosstex (XTXI), Up strong fracntions Hiland LP, Copano, Enbridge, Kinder Morgan, Magellan Midstream, Regency and a few others.

Small losses in Valero LP, Duke Midstream, and Crosstex LP (XTEX).

No breaking headlines this afternoon. 10 year yield plunging to 4.64%

The two best looking charts in the MLP group that i could find...imho of course!

The amount of green on the screen is expanding. Martin Midstream is still up1 but now Crosstex (XTXI) joins the group as buyers have moved in there. Strong fractional moves in Plains All American, Hiland LP, Energy Transfer Partners as it heads to 39 and another 52 week high. Copano Energy (CPNO) also at a 52 week high and trying to extend its breakout.

Just a few losers and not by much as Buckeye and Valero see no interest.
Martin Midstream (MMLP) and Plains All American (PAA) are the big winners today. Martin up 1 and change on the RBC upgrade and Plains on the Andrews Pet deal announced last night. A lot of fractional plus signs in the rest of the MLPS. A couple of MLPS are sitting on the losers list but by pennies. Ten year supportive on positive CPI numbers 4.69%
Pre opening trades on Martin Midstream Partners + 1.31 on the RBC upgrade.
Regency Energy Partners (RGNC), a relative new issue...Coverage begins buy Key Banc at a buy.
Good Thursday morning.
No news headlines this morning so far but of course the morning is young. Whoops...we do have an upgrade of Martin Midstream Partners (MMLP) by RBC Capital Markets to outperform!

Small losses in Crude Oil and Natural Gas although its nothing out of the ordinary. I've got my eyes on any breaking headlines before the open.

Wednesday, March 15, 2006

time on last blog should read 3:42pm not apologies.

News flash after the close as Plains All American is buying Andrews Petroleum. Details at the link provided.

By the way just a brief note. When stock houses announce coverage on a new issue...they can do it on the 25th trading day. The market figures it out and the stocks usually don't do much when the news hits. Thats why ETE was down today by a dime and showed no response to the coverage. Another day that is usually down is the 31st day of trading. Thats when most houses that participate in the ipo allow their customers to sell if they so choose. Schwab for example has this 30 day rule..if you sell before the 30 days then they may deny you offerings in the future. I guess its a way to prevent flipping...ala the late 90s.
MLPS are finishing firm. Energy Transfer Partners also got a boost from Credit Suisse at outperform but while Energy Transfer Equity is down 5 cents on its outperform ETP leads the way up another 60 cents as it breaks out to a new high. Copano also at a new high with a few minutes to go with a long list of fractional plus signs in the group.

Crosstex near its low of the day (XTXI) down 1.66 on a periodic stock sale by a large owner (yorktown); usually takes a few days to absorb and it does not impact the LP (XTEX). Sunoco Logistics is down 40 cents...and Martin Midstream down 25 cents on its earnings.

Well its nice to go out and come back and see i did not miss much. For Energy Transfer Equity (ETE) Credit Suisse starts at outperform to join Wachovia. Meanwhile ETE is doing much but Energy Transfer looks like its breaking out as its up 51 cents. Copano (CPNO) has not followed through yet to yesterdays potential breakout but it did not move yesterday until the last 15 minutes so lets see if it repeats today.

Crosstex (XTXI) is down 86 cents as it absorbs another sale of Yorktown shares. Crosstex LP is up 37 cents however to near 37. Not much else happening with most moves +25 cents to -25 cents.
Good Morning

Blogging a little early this morning as i have to head to the race track and take care of a few things with my new horse...more on that later. Meanwhile a few things to look foward to today.
Martin Midstream Partners posted earnings late yesterday which beat on the revenue number. So look for some movement there. Also Copano broke out of a handle base late in the day yesterday so we'll look for any follow through today.

Crosstex Energy (XTXI) has another regular sale of shares from Yorktown partners which has been periodically selling off its stake. Here are the forms filed and there is also this one here. If i read this right its another 720,000 shares hitting the market. They do this every three or four months and each time so far its been a buying opportunity. This appears to be a summary filing of what has occured.

Wachovia starts Energy Transfer Equity (ETE) at outperform this morning!

No other news but i am posting early. I should be back early this afternoon and will update and post then

Tuesday, March 14, 2006

Well you can't say i did not warn you...Copano looks like it broke out of its handle base here and if its confirmed tomorrow in higher volume we could see 50 in this one shortly. Fingers crossed for all those that are long. Copano is presenting at the Lehman Conference on High Yield which begins tomorrow. Perhaps there is anticipation the company might say something positive. The chart pattern above to me is extremely bullish. Crosstex (XTXI) had a similar pattern twice before and we've seen breakouts both times. The stock is currently forming another handle.

I was lucky this time in uploading the Copano chart but not so lucky with the Crosstex. Blogspot uploading issues. Just link here for the Crosstex chart and you'll see what i mean.

Martin Midstream earnings after the close and the numbers are skewed by the issue of new units last quarter. Not sure what to make of the DCF coverage of 1.10. Revenue numbers look good as they beat rev estimates even if the earning number was 7 cents under. I've learned that estimate misses in this group are not the most reliable indicator on how the stock trades the next day.
Uninspired volume today and appointment only trading is the way the tape feels with MLPS. The vast majority of MLPS are between -20 cents and plus 20 cents. Copano Energy (CPNO) is up 60 cents. Watch this stock if it emerges out of the long handle formation on the chart above. Might be good for a 10 point move from the breakout point. Also with a handle formation is Holly Partners (HEP). Breakouts need to be confirmed by volume and so far there isn't much. The Holly Chart is less bullish looking the Copano chart imho. The Copano chart reminds me of the chart of Crosstex (XTXI).

I'm having trouble uploading charts so until i can....use this link to view them
Mixed this morning on MLPS...the plunging 10 year yield to 4.71 is helping. But now outstanding movers one way or the other. The Crosstexes are leading the way up about 25 cents apiece although XTXI was down over 1 just 20 minutes ago. Markwest Energy and Enbridge are the bigger losers down fractions to about 50 cents. No news of consequence anywhere.
Retail sales numbers were light and the ten year yield is falling this morning which should be supportive...4.73%.
Good Tuesday morning.

Nothing much happening this morning as there are no news developments. Stock futures are slightly lower this morning Crude oil is higher after being up 2 bucks yesterday. No upgrades or downgrades so far.

Martin Midstream Partners (MMLP) earnings due after the close.
Good Tuesday morning.

Nothing much happening this morning as there are no news developments. Stock futures are slightly lower this morning Crude oil is higher after being up 2 bucks yesterday. No upgrades or downgrades so far.

Martin Midstream Partners (MMLP) earnings due after the close.

Monday, March 13, 2006

No after market news to report so far. MLPS closed higher and many near their highs of the day. Losers were few and far between and only by pennies. Gainers included Northern Borders on 2 upgrades today. RBC Capital also hit the out perform button..Merrill resumes coverage with a buy rec. Strong fractional plusses in many others.

Tomorrow we have earnings from Martin Midstream Partners (MMLP) after the close.

Just a reminder folks...scroll down to sunday evening's post for links to some interesting reads. Or just link here to it directly.
Extending gains this afternoon...Northern Borders Partners and Energy Transfer Partners both up more than a dollar each. You have a slew of fractional plusses in the likes of Sunoco Logistics Copano, Teppco, Plains All American, TLP, Valero LP and Crosstex.

Holly Partners is down 45 cents...but its on appointment only trading so far. The few losers are down 20 cents or less.
First half hour noise is out of the way and most MLPS are higher this morning. Nice fractional gains in Copano, Northern Borders Partners on the Merrill upgrade....Crosstex, Energy Transfer Partners, Teppco on the board moves. Holly Partners is the biggest loser down 17 cents but there was just one trade on the day so far.

4.78 on the 10 year is still holding...MLPS shrugging it off anyway. Oil and Gas stocks are stronger across the board.

Just a thought but since we,ve seen MLPS go nowhere as the yield curve has been flattening what if the rise in the 10 year rate and a potential steepening of the curve turns into a positive for the the group? I guess it all depends whether the fed stops raising short rates and the 10 year rise doesn't get too out of hand.
Monday morning news items. First off Energy Transfer Equity (ETE) the GP of Energy Transfer Partners (ETP) announces an increase to its first dividend. Also this morning Merrill Lynch is resuming coverage of Northern Borders Partners with a buy recomendation.

Atlas America (ATLS) starts trading at a 3 for 2 split today so not to worry if you see the stock down 18 points...its post split!

More shuffling around of the deck chairs at Teppco after the death of the CEO. TPP has been acting in line to the rest of the group lately. This news item is left over from Friday.

Markwest Energy (MWE) conference call had a bit of a positive spin to it according to posters on the Markwest Energy message board.

Ten year yield opens up at 4.787%....we'll see if 4.80-4.90 holds.

Sunday, March 12, 2006

Good Sunday evening. So far no breaking news but a couple of links for early Monday morning digestion.

We all have heard about Canada might be the energy savior of the USA. But just how willing will Canadians be to sacrifice some of their own energy security? The Oil blog has a must read piece on this particular thesis.
There is this quote from Big Picture Speculator

North American energy policy makers have not been overly concerned about the delays in getting large northern gas pipelines built. It was assumed that LNG projects could be be relied upon to augment dwindling gas supplies.

Then check out this link on China LNG delays.

God do i love factoids...He does great work. Check out the March update!

Ten yields have been rising but they have seemed to have flattened the yield curve. The implications are discussed on Econobrowser.

So dig in folks...lots here to wet the appetite.

Friday, March 10, 2006

Markwest Energy earnings are on the website but for some reason i did not see them on any news service. Numbers look in line and company very optimistic for a record year coming up.
Conference call underway.

MLPS closed higher and many near their highs of the day.
Overall market strong and that has carried MLPS higher for the most part today. Penn Virginia Resources is up 1 and change..up major fractions in both Crosstex's...the LP had good earnings today. Also nicely higher Energy Transfer back over 37, Pacific Energy Partners and Buckeye. Just a few losers on light volume including Holly Partners which is now rallying into the close. Hiland LP is down as is Markwest ahead of earnings at 4pm
Overall market strong and that has carried MLPS higher for the most part today. Penn Virginia Resources is up 1 and change..up major fractions in both Crosstex's...the LP had good earnings today. Also nicely higher Energy Transfer back over 37, Pacific Energy Partners and Buckeye. Just a few losers on light volume including Holly Partners which is now rallying into the close. Hiland LP is down as is Markwest ahead of earnings at 4pm

Good morning.

We begin this morning with earnings from Crosstex LP (XTEX) which look very good. The purchasing of puts to hedge themselves last summer on a gas purchase proved very profitiable. Conference call to follow later this morning.

Markwest Energy is to report earnings sometime today. Conference call at 4pm.

Ten year rates holding after the unemployment (or employment) numbers. Energy complex down slightly this morning.

Thursday, March 09, 2006

Most MLPS are higher going into the close; some have added to gains like Copano (CPNO) which is up 1 and change as is Hiland LP. Holly Partners is back to 40 bucks...and Markwest Energy (MWE) up 64 cents. A few like Teppco and Kinder Morgan have come off their highs but still up. Most others are up fractions. Just Crosstex LP is down a few pennies and Penn Virginia (PVR) is down about 50 cents.

After hours will post any breaking news.
The group is higher as we get some followthrough from yesterday's reversal. Hiland is up a buck and Copano is up 75 cents on the Key Banc upgrade to buy from hold. Fractional plusses in Atlas Pipeline, Teppco and Holly Partners.

On ths downside only a few and except for Penn Virginia down 50 cents the others; Crosstex LP, Enbridge and Enterprise are only down by pennies.

Markwest Earnings possibly after the close today or tomorrow morning. Still not sure which.
One upgrade just crossed the wire as Key Banc upgrades Copano to buy from hold.
Good Thursday morning.
Watch for earnings from Markwest Energy (MWE) as they will hve their conference call tomorrow afternoon on earnings but they did not say when earnings will be released so my guess is either after the close today or first thing tomorrow morning.

No other corporate developements this morning so far. Ten year rates are behaving today as they sit just under 4.75%. Energy complex is mixed...Crude up 44 cents.. nat gas down a few pennies.

Yesterday's intraday reversal on many MLPS was a good thing...also closing near the highs of the day was nice as well. December lows are holding so far in this retest.

Wednesday, March 08, 2006

Better finish here in the last hour as there is more green on the screen. Strong fractional gains in Kinder Morgan, Plains All American, Atlas Pipeline Partners, Pacific Energy Partners. Some late rallies in Valero LP which now has gone positive. Penn Virginia has cut its loss in half after being down over 1 dollar. A much better finish today. Many of these were testing their December lows and so far they've all held.
Rates not rising today so that at least has put a floor under some of these. Markwest Energy is up 72 news. Kinder Morgan Partners, Sunoco Logistics and Plains All American are up fractions. On the downside Penn Virginia Resources (PVR) and Inergy GP (NRGP) down over 1 each...Copano, Buckeye and a few others down fractions.

On the news front Duke Midstream headlines as they are in some sort of pact with Conoco Philps...good for a whole penny of upside here. No other headlines and nothing that i've seen from the MLP conference.

Here is a list of what these things are yielding as of yesterday's close. I picked 10 at random.

  1. Martin Midstream Partners (MMLP) 8.20%
  2. Atlas Pipeline Partners (APL) 7.90%
  3. Teppco (TPP) 7.50%
  4. Pacific Energy Partners (PPX) 7.20%
  5. Magellan Midstream (MMP) 7.10%
  6. Kinder Morgan Partners (KMP) 6.80%
  7. Valero Energy Partners (VLI) 6.60%
  8. Energy Transfer Partners (ETP) 6.57%
  9. Holly Partners (HEP) 6.30%
  10. Crosstex Energy (XTEX) 5.50%

Above i posted 2 charts comparing performance of the top 5 yielding stocks in this random group. The worst performer is Teppco who has not grown their distribution during this 6 month period. There is percieved risk in Atlas Pipeline and Martin Midstream which makes them underperformers...Pacific Energy outperformed in this group.

Note the next group that Energy Transfer is the number one performer but Crosstex LP yielding the lowest finished number 2. I guess we can play around with these numbers and there are other factors...such as the 10 year. Note that in the last year the S&P and Nasdaq are showing relative outperformance but....this does not include dividends.

Breaking headline on Enbridge saying they are planning 11 billion in investments in North to story when it arrives.

Good Wednesday Morning.
News from last night as Energy Transfer Partners (ETP) boosts its distribution by 15 cents on an annual basis. This is 5 cents higher then the pre-announced recommended increase a few weeks ago!

Rates are flat this morning from the close at 4.74 on the 10 year. The energy complex is lower this morning...crude down by 46 cents. No corporate news this morning but a bunch of MLPS are presenting this morning at the MLP conference in New York City. Will post any breaking headlines.

Tuesday, March 07, 2006

Easier to post the winners than the losers...there are fewer of them! Enterprise Products Partners and Holly Partners are the two winners today...the rest are down. Kinder Morgan Partners, Crosstex LP and Plains All American are down 1 and change...nearly down 1 include Sunoco Logistics and Valero LP and Buckeye Partners....down major fractions Markwest Energy, General Marine, Atlas Pipeline, Enbridge Energy Partners, Norther Borders, Hiland LP and a few others.

XOI down 15 points and the energy complex continues lower. The 10 year is at 4.75 which is off the days high yield at 4.78.

Two charts this morning for for enjoyment..the 10 year yield daily and the 10 year yield weekly...and both aren't pretty. We are about to restest it seems the April 04 high yield of 4.93%. Headwinds for MLPS are continuing so i am expecting lower prices again today. Copano had good earnings numbers last night (CPNO) so they may at least be the opening exception but lately earnings reports; even very good ones have not been supportive of prices. Atlas Pipeline Partners is a good example.

The energy complex is somewhat lower but not as sharply as yesterday so that might be at least one minor positive...or at least something that is less negative. No corporate developements this morning. A bunch of these companies are presenting tomorrow at an MLP conference in New York City so maybe some news might be forthcoming from one or two of these companies.

Monday, March 06, 2006

Copano posts earnings and they look very good!
Two MLPS went above the flat line at the close; Copano (CPNO) and Duke Midstream (DPM)..otherwise everything was down. Hiland LP (HLND) Penn Virginia (PVR) and Atlas Pipeline Partners (APL) lost more than a point each and there were large fractional losers elsewhere.
Might as well say the only positive thing i can think of. At least they haven't taken out the december lows on these things but the whole group is down today so thats not saying much really. The market focus is the breakout of the yield on the 10 year to a 52 week high and the April 04 high is 4.93 which looks like we'll at least test that. But the headwinds are blowing hard. Markwest Energy (MWE) is holding unchanged and Energy Transfer (ETP) is down just a few pennies. Otherwise Hiland LP is down 1..Sunoco Logistics is also down 1. Down major fractions Kinder Morgan, Atlas Pipeline, Plains All American, Pacific Energy, Northern Borders Holly Partners, Enbridge and Amerigas. There is no corporate news...just rising rates and falling energy prices.
Some developements this morning as the acting chairman of Teppco (TPP) has died. We'll see if this stirs the takeover pot although a successor has already been named.

Magellan Midstream announces some project expansions on its pipeline and terminals. Copano Energy (CPNO) has earning coming out today after the market closes and a conference call for tomorrow morning. Also there is a Master Limited Partnership conference in NYC Wednesday and a number of MLPS are presenting and web-casting.

The ten year rate continues to climb now at 4.72% so there is a stiff headwind. Crude Oil and the energy complex starts the week lower. No upgrades or downgrades so far.

Sunday, March 05, 2006

Good Sunday evening /Morning.

Thought i'd get started a little early and we'll start with this piece on canada sands production.
Specail thanks to Glenn Reynolds of Instapundit.
If you are and Enbridge Energy investor this is a must read. Looks like Canada will be the major player for oil and energy sooner rather than later. A must read. Also check out this story about Chevron with regards to Canadian sands...also thanks to instapundit.

Winter is just about over and we are already looking ahead to the 2006 Hurricane season on Rigzone

More to follow as i dig around.

Friday, March 03, 2006

Snooze alarm on in case we wake up here but its very low volume trading with little movement in either direction. Atlas Pipeline Partners (APL) is an exception which is down 83 cents...and Sunoco Logistics (SXL) which is down 37 news on either one. Otherwise we're seeing movement in pennies of either direction of unchanged.

Someone wake me up please!

Good Friday Morning.
No corporate drivers this morning to speak of so we wait for the market to open. Energy stocks look poised to open higher again. The ten year rate is at the very top of its recent range so we'll watch for a breakout al,though i wonder how much of any further rate rise is already priced into MLPS.

As a side note we should be hearing soon from Energy Transfer Partners and the next distribution. If they follow last years pattern they could announce today or Monday.

Thursday, March 02, 2006

One of the tell-tale signs that a stock has bottommed is how it reacts to downgrades. In other words...when a major house downgrades a stock...does it go down on the news or does it do the opposite. Today Deutche Banc Securities downgraded Valero to a hold from a buy...they had upgraded the stock to a buy on December 19th 2005. The price of the stock is roughly the same today as it was on 12/19. Also note today's reaction. After a down open of 65 cents the stock is essentially flat. Good sign IMHO.

Atlas Pipeline got a little traction and the stock is up 44 cents on good earnings. Not much else happening today.

Oh somehow i missed this story on Enterprise Products Partners and an offering of 15 million units. Some stories are hitting some news wire sources and not others. Must be the snow!
There is a boring feel to the MLP tape today. Atlas Pipeline Partners (APL) had great earnings and the stock is up all of eight cents. Buckeye Partners (BPL) is down 46 cents on its stock offering. Everything else is trading between -25 cents and +25 cents...although there are a few more MLPS higher than lower.

Sitting here with snow falling and no voice...but one need not speak to blog!

Good Morning.
AtlasPipeline Partners posted blowout earnings last night as they beat estimates by nearly 20 cents. Conference call this morning at 8:30am and it will be available for replay.
Buckeye Partners priced an offereing of 1.5 million shares last night The story says nothing about what the price per share was. When i see something i'll post it.
Not much else happening so far this morning. Futures in stocks a little lower pre-open. Energy complex is higher in all sectors.

Wednesday, March 01, 2006

Trading in here lately has been so boring...nothing seems to move as we are in a very tight trading range. Take a look at Holly Partners chart for instance. Its been in a very tight trading range since late January. No sign of a breakout yet.
Not much going on this morning. Newcomer Broadwalk Pipeline Partners (BWP) announces an expansion of its pipeline projects. Meanwhile late yesterday Kinder Morgan and Sempre Energy announced commitments for a $4 billion dollar east west pipeline. This is seen to boost KMI earnings . Sorry for the late post on this but sometimes stuff falls through the cracks.

Atlas Pipeline Partners set to report earnings after the close today. Crude a little higher this morning along with stock futures.