BLOOD IN THE MLP STREETS!
Down 15% in about 2 hours of trading. The index has now down more than 60% off its highs and its down nearly 33% just since September 1st. Down 25 points to 152. Cheniere Energy Partners(CQP)is up 42 cents for some unknown reason but that is it.
Now for horror. Enbridge Energy Partners(EEP) is down 7. Kinder Morgan (KMP) is down 6 and change.Amerigas (APU) Oneok (OKS) Buckeye (BPL) and Sunoco Logisitics (SXL) are down 5. Nustar(NS) Plains All American (PAA) Energy Transfer (ETP) Magellan (MMP) Suburban Propane (SPH) and Hiland Partners (HLND) are down 4. And on and on and on.
Some note worthy prices. Crosstex Energy (XTEX) is under 10 dollars. Hiland Holdings (HPGP) has fallen from 21 to 9 in 5 trading days. Buckeye Holdings (BGH) is under 10 dollars. The GPS have been massacred. Some mlps have seen already depressed prices cut in half in the last few days. Note also that there are some volume spikes in Kinder Morgan,Enterprise and a few others today which indicates perhaps more hedge fund unwinding and they are doing so with no buyers in the market place at all. At face value the move to me is discounting distribution cuts. Are we going to get the hikes or will we begin to see companies hold back on distribution hikes in order to save cash.
Since i started this post we've gone from minus 25 to minus 22 on the mlp index. The overall market is desperately trying to rally and there is still time to mount a violent comeback this afternoon.
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