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Important Events that Could Drive Markets this Week

President Trump’s executive order on healthcare, the Iran nuclear agreement, and news about North Korea preparing for a launch ahead of US–South Korea military exercises failed to trigger higher volatility.

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US Steel Had a Big Week: What Happened?

US steel stocks have had a tepid year after the spectacular rally last year, and there’s a sense of apprehension in the market that US steel prices could go lower.

Sector
S&P 500, NASDAQ, and Dow Closed Strong Last Week

The S&P 500 started last week on a weaker note. On October 13, the S&P 500 closed the day higher and ended the week with gains.

PCG-mkt-perf-1
Wildfires in California Set PG&E Ablaze, Stock Tumbles 7%

PG&E Corporation saw its stock fall ~7% on October 12—its steepest fall in seven years—on speculations that downed power lines caused wildfires in California.

RECENT MLPs RESEARCH

2013.02.11 - Frac Spreads
Commodity price shifts last week were negative for gas processing MLPs

A movement down in most NGL prices last week was negative for gas processing MLPs.

2013.02.11 - HDD
Warmer weather a negative for earnings of propane distributors

Warmer weather last week was a negative for propane distributors such as APU, SPH, and FGP.

2013.02.12 - GT10 ST
Last week’s move down in rates is positive for MLP stocks

Last week’s movement down in interest rates is a positive indicator for MLP stocks which can be sensitive to rate changes given their yield feature.

2013.02.18 - NGL Prices
Nat gas liquids and nat gas price movements last week were negative for gas processing MLPs

Fractionation spreads increased slightly last week which is a positive for natural gas processors (many of which are MLPs).

2013.02.18 - AMLP vs GT10
Treasury yields moved up last week, theoretically negative for MLPs

Rates on Treasurys moved up last week. A continued move up in Treasury rates could be a negative sign for MLPs which often trade on yield.

2013.02.14 - EPD Dividend Yield
Continued strong capital markets activity in MLP space is bullish

Last week’s capital markets activity demonstrated that MLPs continue to be able to access the debt and equity markets at attractive rates which is positive for growth.

2013.01.28 - Frac Spread Graph
NGL fractionation spreads up last week, positive for select MLP names

Last week saw most natural gas liquids (NGL) prices move upward, a positive for some master limited partnerships (MLPs) involved in natural gas processing and fractionation such as MarkWest Energy…

2013.02.06 - Alerian vs BBB
Spread between MLP and corporate credit yields narrowed last week, bullish for MLPs

Spreads between MLPs and corporate credit narrowed on the week, which was positive for the relative value of MLPs.

2013.02.06 - 10 YR TSY ST
Continued move up in interest rates could be negative for MLPs

Master limited partnerships (MLPs) can be sensitive to rate movements, as many investors view MLPs as a yield instrument. To think of it simply, if rates on US government Treasurys…

2013.02.06 - Permian Rig Counts
Growth in Permian oil production boon for some midstream players

Drilling activity in the Permian Basin in West Texas has rapidly increased over the past several years creating opportunities for certain midstream players.

2013.02.04 - Propane Prices
Propane up on the week, negative for propane distributors

Propane distributors such as AmeriGas Partners (APU), Ferrellgas Partners (FGP), and Suburban Propane Partners (SPH) can see reduced demand from their customers when propane prices rise. This is because propane…

2013.02.04 - Frac Spread
Commodity price movements last week a positive for gas processing MLPs

Last week’s movement in NGL and natural gas prices was a positive for natural gas processors.

2013.02.04 - Change in Distributions
Distributions so far are strong signal for MLPs and earnings

MLP distributions announced so far in 2013 show positive growth.

2013.02.04 - ND Crude Production
Bakken shale boom benefits midstream names in the area

The Bakken shale boom in North Dakota benefits certain midstream companies operating in the area.

2013.01.18 MarkWest Contract Types w Hedging
Natural gas processing contracts and how they affect profits and valuation

When energy companies produce natural gas, the raw stream which comes from the ground must first be processed before it can be effectively used. Many of the companies that process…

2013.01.22 - Frac Spread Historicals
An in-depth look at the mechanics of fractionation spreads and how they affect MLPs

A look at how to calculate frac spreads, a measure of the difference between nat gas and NGL prices.

2013.01.23 - LTM NGL Prices
NGL fractionation spreads down slightly last week, bearish for gas processors

Last week’s nat gas and NGL price movements ultimately resulted in fractionation spreads being down slightly.

2013.01.21 - Distribution Schedule for Targa
Incentive distribution rights (IDRs) and how they affect income from MLP investments

Many MLPs have an agreement between the General Partner and Limited Partners that determines how the total percentage of cash distributions will be allocated between the GP and LP unitholders. In some cases, there is a mechanism called the “incentive distribution right” or IDR that allows the GP to receive an incrementally larger percentage of distributions as the amount distributed increases.

2013.01.21 - MLPs by Industry Type
Master limited partnership (MLP) basics

This article is designed to provide a basic overview of master limited partnerships (MLPs). More detailed explanations will follow in further articles. A master limited partnership or “MLP” is a…

2013.01.21 - Dividend Yield MLP Stocks
Why the current capital markets environment is positive for MLP growth

Currently, the capital markets are positioned to help fund MLPs’ growth, and this is constructive for the majority of MLP names such as Kinder Morgan Energy Partners (KMP), Enterprise Product Partners (EPD), Plains All American Pipeline (PAA), and MarkWest Energy (MWE).

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