KMI underperformed peers
While the Alerian MLP ETF (AMLP), an ETF of top energy MLPs (master limited partnerships), gained 1.6% for the week, the Energy Select Sector SPDR ETF (XLE) fell 0.6%. The SPDR S&P 500 ETF (SPY) (SPX-INDEX) rose 1.2% last week.
Crude oil prices fell 4.6% last week. (For more on crude oil price indicators, check out Market Realist’s Is It the Beginning of the Bear Market for Crude Oil Prices?)
Kinder Morgan continues to trade below its 50-day and 200-day moving averages, but the stock has fallen more than 12% so far in 2017.
Trans Mountain update
According to a Reuters report dated October 7, 2017, Kinder Morgan withdrew its request to install fish spawning deterrent mats in watercourses through which its Trans Mountain Expansion Pipeline will cross. Kinder Morgan requested that the National Energy Board last month grant approval for the work.
For more, read Kinder Morgan: Trans Mountain Project’s Troubles Continue. According to the company, it’s now too late to install the mats, as the spawning season has already begun. For more on the analysts’ favorite MLPs, read The Top 7 MLPs According to the Analysts.