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Crude Oil Retreating Again & Nat Gas Higher
Posted on 02/09/2007 08:43:59 | Link | Post Comment
Tuesday after a long holiday weekend and we come back to some selling in the Crude Oil market as it is down $1.15 this morning...giving back all of Friday's dead cat bounce. Nat Gas however is a few pennies higher as colder weather spreads into the Northeast US today. While falling crude has had the obvious impact on the big energy stocks as shown by the XOI..MLPS have shown remarkable relative strength.
News from Kinder Morgan Pipeline from yesterday as it is buying the remaining part of a Canadian pipline from BP. Earnings on Kinder Morgan Partners are due out tomorrow after the close with a conference call to follow. No other news so far this morning. Penn Virgina Resources GP (PVG) getting some attention this morning from UBS and and AG Edwards as both houses say buy the stock. Contellation LP (CEP) also getting an outpeform nod from Wachovia. General Marine (GMR) gets a cut to hold from buy from Cantor Fitzgerald.
So at least at the open we'll get some impact from big energy...look for MLPS to then go their own way. Earnings and distributions will be rolling out in the next few weaks and with another round of increases looming...i suspect we should head back to new highs on the MLP index before too long.
News from Kinder Morgan Pipeline from yesterday as it is buying the remaining part of a Canadian pipline from BP. Earnings on Kinder Morgan Partners are due out tomorrow after the close with a conference call to follow. No other news so far this morning. Penn Virgina Resources GP (PVG) getting some attention this morning from UBS and and AG Edwards as both houses say buy the stock. Contellation LP (CEP) also getting an outpeform nod from Wachovia. General Marine (GMR) gets a cut to hold from buy from Cantor Fitzgerald.
So at least at the open we'll get some impact from big energy...look for MLPS to then go their own way. Earnings and distributions will be rolling out in the next few weaks and with another round of increases looming...i suspect we should head back to new highs on the MLP index before too long.
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