Does anybody here think this is real? I read the SA regurgitation of the Bentek report and it made me wonder. It sounds pretty thin, and combined with the pipeline mini-flash-crash the other day feels a bit like a concerted effort to manipulate. But it did make me realize how little I understand about the precise details of how demographics and geography affect the flow of products through our pipes.
It also appears to me that ever since the report came out, our management has been trying extra-hard to publicize the demand for capacity increases and the long-term nature of the contracts for which they are currently making deals. Maybe it's coincidence, but the last couple of days felt a little bit like cheerleading in the face of pretty serious underperformance to the rest of the market.
Wondering if others here have given this any thought.
Underperformance is there because the calendar rolled over and suddenly the skies seem brighter. People not chasing yield but switching to the cyclicals because the start of the year had the markets moving higher. On the technicals, all the MLP's and most utilities are just plain overbought and overstretched. Not too much to worry about though. If you're reinvesting and compounding your dividends, this will simply allow you to pick up more shares with the next payout because of the price decline.
No - read ARBs reply. There have been articles in WSJ, Forbes, CNN and others about taxation and passthrus. That is what have given the pressure. The Benetek article could not have moved the entire MLP universe - Who are they?
We are back to tax reform discussions and those are going to continue until after the election IMHO.