Williams Cos. Inc. (WMB)

[Timothy Smith]

One reason for the extreme nature of today's selloff could be that there is little liquidity and few buyers in the energy market right now, and particularly the midstream energy market where ETE and WMB operate, says Tudor Pickering's Brandon Blossman.

ETE shareholders also may be concerned the company is converting to a corporate structure as part of the deal, which plays into growing talk that the MLP business model may not survive the current difficulties.