As shown in the chart below, the MLP Index tracked the S&P 500 very closely until Thursday morning when the S&P 500 jumped and MLPs didnít. Thursdayís rally was largely attributed by the financial media to a resolution to the Greek issue. Stocks continued up Friday after a strong unemployment report. MLPs stagnated Thursday, as natural gas supply report came in higher than expected (i.e. less of a draw than expected). Weather nationally continues to trend much warmer than normal, helping to hold natural gas prices down (natural gas futures down 6.1% week over week).
I didnít make it to CERAweek this year, but clearly many reporters made the trip. Nothing earth shattering, and a lot of CEOs talking their books. E&P CEOs believe natural gas is the future, and if we were able to generate more demand for natural gas, those E&P companies would realize higher prices. Utilities are trying to use more natural gas, and petro-chemical companies would prefer that the US did not export natural gas. One interesting article was about how shale gas will struggle to be developed around the world in the same way that it has developed in the U.S. to date.
Hinds Howard, MLP HINDSight