As you should know, the 17c was for a partial quarter so it's very misleading of you to post that as a comparison. The first full quarter distribution was 36c.
If they were only public for 1 day that quarter and paid .001c would you claim they had raised the distribution by thousands of %?
The more meaningful view is to note that distribution increases started at 2c/qtr, then 1.5c, then 1c, then 0.5c, then 0.25c then stopped completely. Ever since inception the trend was for lower distribution growth until it stopped altogether. There has never been a distribution increase larger than any earlier distribution increase. So while you are correct that there has been distribution growth in the past, it started slowing from day 1 and that is of little use to current investors. For now distribution growth is zero and it would be a reversal of the 7 year trend if it ever resumes.
When looking at daily fluctuations ask yourself - Any company news? Did the market in general move in the saem direction? Did most similar companies move in the same direction? If the answer is yes and the price moved up you simply have movement into MLPs like BWP. If no then you might need to look deeper.
As to lots of volume and price movement - it has happened several times this year for BWP. Simply people think it is getting its act together and might resume distribution increases.
you offer a reasonable summary and outlook, although the MLP sector has been slapped around to some extent. Fear of tapering and possible rise in rates. It does seem BWP is acting more strongly then I expected. BTW, I have held my position with reinvestment for 40 months. Thanks for your comments