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Investing Topics: Marcellus Shale

US Natural-Gas Prices: Lower for Longer, with an Elevated Risk of Near-Term Downside

The US gas market has remained mired in a lower-for-longer price scenario for the past five years, with occasional rallies catalyzed by favorable weather conditions–not improving fundamentals. Nothing on the horizon suggests that US natural-gas prices will escape this trading range, while the near-term risks skew decidedly to the downside.

MLP Portfolio in Review

Here are our updated takes on our MLP Portfolio holdings, based on their first-quarter results and our discussions with their management teams at the National Association for Publicly Traded Partnerships’ recent investor conference.

IPO Analysis: PES Logistics Partners LP (NYSE: PESL)

PES Logistics Partners LP owns a 45 percent interest in North Yard Logistics, an operating company whose cornerstone asset is a rail unloading terminal that can accommodate up to three 120-railcar unit trains per day. Do the risks outweigh the potential rewards for investing in this prospective publicly traded partnership?

Making Sense of the Marcellus Shale’s Midstream Madness

The stakes are high for the masters of midstream, particularly in the Northeast where surging output of natural gas has overwhelmed local demand and existing takeaway capacity, depressing the prices at Pennsylvania’s Leidy Hub relative to the Henry Hub in Louisiana.

Q2 in Review: Aggressive MLP Portfolio

Our Aggressive MLP Portfolio has delivered a total return that’s on par with the Alerian MLP Index, as the big gains posted by our turnaround picks have been offset by higher-yielding fare that has lagged the market.

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