Major MLP losers
On Tuesday, June 23, Crestwood Midstream Partners (CMLP) was the biggest gainer among midstream MLPs. But at the end of trading on Wednesday, June 24, it took a huge tumble. This is a good example of the tug-of-war between bullish and bearish traders in CMLP stock.
It was a 3.5% gain for Crestwood Midstream on Tuesday and a 1.6% loss yesterday. At the same time, CMLP’s general partner, Crestwood Equity Partners (CEQP), fell 1.72%.
Crestwood Midstream Partners
CMLP stock is still way below its 2014 highs. It has fallen 19.3% year-to-date and ~20% since the CMLP and CEQP merger announcement. This might indicate that investors are not happy with the merger decision.
Next in the list of midstream losers is Buckeye Partners, L.P. (BPL). BPL stock fell 1.3% yesterday. BPL has returned 2.2% year-to-date due to its lesser exposure to commodity prices and solid operating results. For an in-depth analysis of BPL’s recent performance, you can refer to In-Depth Analysis: Buckeye Partners’ Recent Performance.
Other midstream losers
Other midstream losers on June 24 included Enbridge Energy Partners (EEP), MarkWest Energy Partners (MWE), and DCP Midstream Partners (DPM). EEP, MWE, and DPM fell 1.1%, 0.9%, and 0.7%, respectively, in the last trading session. EEP, MWE, and DPM have returned -9.3%, -10.3%, and -24.7%, respectively, year-to-date.
The Alerian MLP ETF (AMLP), which includes 25 midstream MLPs, has returned -8.2% year-to-date. CMLP, BPL, MWE, DPM, and EEP together make up ~20.8% of AMLP. For context, the SPDR S&P Oil & Gas Exploration & Production ETF (XOP), which is heavy in upstream energy companies, has returned 1.5% year-to-date.