Crestwood Midstream Partners (CMLP) was the worst performing midstream MLP (master limited partnership) at the end of trading on Monday, June 29. It fell a staggering 3.77% in a single trading session on Monday. On the same day, Crestwood Midstream’s general partner, Crestwood Equity Partners (CEQP), fell by 6.25%.
Crestwood Midstream Partners
Crestwood Midstream Partners almost breached its 52-week low after falling 3.77% on Monday. It’s just $0.02 away from its 52-week low of $11.48. The stocks fell 24.24% YTD (year-to-date). It has lost close to one-fourth of its market value—mainly due to low NGLs (natural gas liquids) and crude oil prices affecting its Crude Oil and NGLs services segment.
NGL prices continue to fall on a combination of strong supplies and weaker demand of propane and butane during warmer weather conditions. NGL prices are expected to stay low until 4Q15. Read Crestwood Midstream and Crestwood Equity Will Merge: Is It a Turning Point? for a detailed analysis of Crestwood Midstream Partners’ recent performance.
Enbridge Energy Partners
Next on our list of the worst performers is Enbridge Energy Partners (EEP). It fell 3.24% on Monday. With this loss, Enbridge Energy Partners came closer to its 52-week low of $31.63—refer to the above chart. Enbridge Energy Partners has returned -15.31% YTD.
Other worst performers
Targa Resources Partners (NGLS), Magellan Midstream Partners (MMP), and EnLink Midstream Partners (ENLK) were among the five worst performing midstream MLPs on Monday, June 29. They lost 3.21%, 2.89%, and 2.83% in the last trading session, respectively. They returned -18.82%, -10.14%, and -21.79% YTD, respectively. EnLink Midstream Partners is just $0.11 away from breaching its 52-week low of $22.58.
The Alerian MLP ETF (AMLP) is comprised of 25 midstream MLPs. It returned -10.79% YTD. Together, Crestwood Midstream Partners, Enbridge Energy Partners, Targa Resources Partners, Magellan Midstream Partners, and EnLink Midstream Partners account for ~20.78% of AMLP. For context, the upstream energy company heavy SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has returned -2.99% YTD.