Kinder Morgan Inc. is one of the largest natural gas transmission and storage companies in North America. After going private in May 2007, it went public again in February 2011 via a $3.3 billion initial public offering. Following a late 2014 consolidation of its former operating entities, Kinder Morgan Energy Partners, L.P., Kinder Morgan Management, and El Paso Pipeline Partners, L.P., the newly consolidated company no longer has a master limited partnership structure, under which the former limited partners paid incentive distribution rights (IDRs) to KMI as their general partner. Through its various operating businesses, KMI operates a diverse set of assets, including 82,000 miles of pipelines and 180 terminals. Its pipelines transport natural gas, refined petroleum products, crude oil, carbon dioxide, and other products, and its terminals store products such as petroleum, chemicals, ethanol, coal, coke and steel. In addition, the company is a leading provider of carbon dioxide, which is used for enhanced oil recovery projects in North America. KMI also owns a 20% equity interest in NGPL Pipe Co. LLC, a major interstate natural gas pipeline and storage system.

There has been a little of everything in the past two weeks, from a five-day wipeout in the previously loved semiconductor industry, taking out almost 10%, to a massive rally in the heretofore hated small-caps, adding 11.5%. We've also seen a number of breadth thrusts, which usually occur at the beginning of a new uptrend, as well as a breakout to minor all-time highs for gold. There was also the attempted assassination of former president Trump. Finally, this morning brings news of a global technology outage and, of course, more earnings news. Thursday could have been worse if not for some late buying that pushed the indices off recent pullback lows. The S&P 500 lost 0.8% and is down 2.2% over the past two days, but found intraday support yesterday from its 21-day exponential average -- just as it did during the minor pullback in late May. The greater damage has been elsewhere, with the Nasdaq giving up 4.2% over the past six days and the Nasdaq 100 (QQQ) down 4.7% over the same period. Both have given up their 21-day exponential averages for the first time since April, but neither has broken their prior closing low from June 24. Their uptrends off the lows since April have given way on a minor basis and the 21-day rate-of-change for the QQQ has dropped into negative territory. In addition, we have seen minor and bearish 5/13 exponential moving average crossovers for the Nasdaq and the Nasdaq 100. Because of the size of the mega-cap rallies since early 2023, we think there is a greater probability that the current pullback could last into August and September, which is generally a weak seasonal time of year for stocks. (Mark Arbeter, CMT)

Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 82,000 miles in pipelines and 139 storage terminals. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.

Kinder Morgan is one of the largest midstream energy firms in North America, with an interest in or an operator on about 82,000 miles in pipelines and 139 storage terminals. The company is active in the transportation, storage, and processing of natural gas, crude oil, refined products, natural gas liquids, and carbon dioxide. The majority of Kinder Morgan's cash flows stem from fee-based contracts for handling, moving, and storing fossil fuel products.