Equity Research & Investment Analysis

Energy Transfer Partners L.P. (ETP), which is the third-largest master limited partnership in the U.S., owns 16,000 miles of pipeline and produces, stores and transports natural gas throughout Texas and neighboring states, has seen its unit price fall in conjunction with the recent sell-off in various commodities. While we at Ockham also believed that many commodities markets were a speculative bubble waiting to burst, one cannot deny that domestic demand for natural gas in the future looks as strong as it ever has.