UBS AG has launched an exchange-traded note (ETN) listed on the New York Stock Exchange Arca (Archipelago Exchange) under ticker symbol “MLPG” that provides investors single-security exposure to the Alerian Natural Gas MLP (master limited partnership) Index, a midstream-focused subset of MLPs whose constituents earn the majority of their cash flow from the transportation, storage and processing of natural gas and natural gas liquids. The index provides exposure to the expansion of gas infrastructure, as well as the investment required to accommodate geographical supply shifts associated with shale gas development. The ETN will track the change in value of the Alerian Natural Gas MLP Index and pass on the corresponding distributions from the underlying companies as a quarterly coupon, net of fees.
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Tropical Activity Helps End Three-Day Futures Decline
The three-day decline in natural gas futures was brought to a halt on Wednesday as traders took stock of the market’s current position while focusing on Thursday’s fresh storage inventory data and the real possibility that the Gulf of Mexico could be staring at Hurricane Alex early next week.
BP Shares Slide Anew
BP plc shares resumed their slide Monday, closing down nearly 10% at $30.67 on the New York Stock Exchange nearly two months after the drilling rig Deepwater Horizon exploded and sank at the company’s Macondo well site in the Gulf of Mexico (GOM).
‘We Need More Sellers,’ Trader Says; June Eases 2.2 Cents
June natural gas futures suffered only minor bumps and bruises Wednesday as concerns over European debt levels dragged stock markets and petroleum markets down further.
Enterprise-TEPPCO Merger Creates a Diverse Giant
Enterprise Products Partners and TEPPCO Partners LP last week struck a $3.3 billion all-stock deal to create the largest publicly traded energy partnership with an enterprise value of more than $26 billion.
Capitol Hill Action Gives Energy Lawyer Chills
Americans are fuming about retention bonuses paid to executives at bailed-out American International Group; they’re sore from the stock market crash, and they still remember sky-high gasoline and home-heating costs of not so long ago. In other words, “the people are not happy,” a Washington, DC, lawyer told energy traders in Houston last Thursday before letting them in on the “craziness that’s going on in Washington with respect to your business.”
Energy Lawyer: Much for Traders to Fear on Capitol Hill These Days
Americans are fuming about retention bonuses paid to executives at bailed-out American International Group; they’re sore from the stock market crash, and they still remember sky-high gasoline and home-heating costs of not so long ago. In other words, “the people are not happy,” a Washington, DC, lawyer told energy traders in Houston Thursday before letting them in on the “craziness that’s going on in Washington with respect to your business.”
E&P 3Q Profits May be Strong, but Future Still Murky
Even in an environment of plunging oil and natural gas prices, a credit crisis and an uncertain stock market, the energy sector has begun to unveil strong 3Q2008 earnings. The announced profit gains, however, could take a back seat to the quarterly conference calls, in which executives already have begun to hint at their exploration and production (E&P) plans — and possible cutbacks — for the coming year.
E&P 3Q Profits May be Strong, but Future Still Murky
Even in an environment of plunging oil and natural gas prices, a credit crisis and an uncertain stock market, the energy sector is preparing to unveil what should be strong 3Q2008 earnings over the coming few weeks. The announced profit statements, however, could take a back seat to the quarterly conference calls, in which executives likely will hint at their exploration and production (E&P) plans — and possible cutbacks — for the coming year.
Chesapeake Up on New Credit Line for Midstream Partnership, BP Rumors
Chesapeake Energy Corp., whose stock price has been pummeled in the last couple of months, caught a break on Thursday after it landed a fresh line of credit for a new midstream spin-off and after the market responded positively to rumors that BP plc, already a joint partner, may be eyeing some of its natural gas assets.
