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Voting Machine or Weighing Machine?

By  Elliott H. Gue
Issue No.151 . Jul. 6, 2019

Two of the biggest challenges facing energy investors so far this year have been extreme volatility in oil prices and the historic disconnect between the path of oil prices and the performance of energy stocks.

In this issue we take a closer look at both issues.

In particular, we’ll review some of the fundamental factors and narratives that have catalyzed major speculative inflows and outflows in the oil market so far in 2019 and our latest assessment of the outlook for oil in the second half of this year.

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  • Endangered Dividends List

    By Roger S. Conrad on Jul. 6, 2019

    There have been no distribution cuts since the previous issue of Energy and Income Advisor. Unfortunately, we continue to see elevated risk for a number of companies, and particularly for the 13 currently on our Endangered Dividends List.

  • Feature: Voting Machine or Weighing Machine?

    By Elliott H. Gue on Jul. 6, 2019

    Over the past 12 months, West Texas Intermediate (WTI) oil prices have jumped as high as $76.41/bbl and plummeted as low as $42.53/bbl as sentiment in the commodity futures market lurched from bullish to bearish extremes.

  • Inside MLPs Part II

    By Roger S. Conrad on Jun. 19, 2019

    Talking Point #1: Over the past 18 months we’ve seen basis differentials rise quite sharply. Those regional pricing differences for crude oil and natural gas are up at least in part to insufficient pipeline infrastructure, including what serves key shale fields like the Permian Basin.

  • Endangered Dividends List

    By Roger S. Conrad on Jun. 19, 2019

    The next round of distribution declarations in our Energy and Income Advisor coverage universe isn’t for another month. But Sanchez Midstream Partners LP (NYSE: SNMP) is at elevated risk to announce a cut sooner, now that its parent and largest customer Sanchez Energy (OTC: SNEC) is for all practical purposes bankrupt.

  • Endangered Dividends List

    By Roger S. Conrad on Jun. 6, 2019

    Unfortunately, we continue to see elevated risk for a number of companies, and particularly for the 13 currently on our Endangered Dividends List. For more on where the risk lies at individual midstream energy companies and MLPs, see the comments column in our now updated MLP Ratings table, including analysis of first quarter results, distribution coverage and debt-to-EBITDA figures and prospects for potential roll-up mergers. It’s posted on the Energy and Income Advisor website under the “Portfolios” tab.

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  • Live Chat with

    Elliott and Roger on Jul. 1, 2019

  • Portfolios & Ratings

    • Model Portfolios

      Balanced portfolios of energy stocks for aggressive and conservative investors.

    • Coverage Universe

      Our take on more than 50 energy-related equities, from upstream to downstream and everything in between.

    • MLP Ratings

      Our assessment of every energy-related master limited partnership.

    • International Coverage Universe

      Roger Conrad’s coverage of more than 70 dividend-paying energy names.

    Experts

    • Elliott H. Gue

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor

    • Roger S. Conrad

      Founder and Chief Analyst: Capitalist Times and Energy & Income Advisor