MLP names have had a tough year, but began to recover on Thursday. Pointe Capital Management provided more color regarding Alerian MLP Index AMZ trading up 5 percent on the day.
Pointe Capital's James Carroll, in a conversation with Benzinga, believes that there were two factors contributing to strength in Alerian MLP Index. His initial thoughts turned to Kinder Morgan Inc KMI's earnings, saying, "[The] conference call was good, investors were pleased with the Cap. Ex cut for next year. Kinder Morgan is beginning to take serious steps to improve their balance sheet and improve distribution coverage."
Despite the solid Kinder Morgan call, Carroll attributes the strength more to oil prices: "Most of the move today was related to sharp recovery in global crude oil prices. No real news on crude oil, but it's [crude oil] dramatically oversold so far this year."
Kinder Morgan closed Up 15.5 percent at $13.87.
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