---
title: "Weekly Recap | OILU.US +6.02%, closing in on weekly high"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/298088554.md"
description: "OILU.US rose 6.02% this week to close at $54.63, comfortably ahead of the S&P 500’s 0.09% move. The week was marked by a rally and pullback pattern: Monday opened at $54.17 and briefly hit $52.74 before three straight up days, with Thursday (Sep 3) topping out at $58.55, only for Friday to give back the gains and close at $54.63. Weekly amplitude was 10."
datetime: "2026-09-05T04:07:14.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/298088554.md)
  - [en](https://longbridge.com/en/news/298088554.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/298088554.md)
generator: "portal-rs"
---

# Weekly Recap | OILU.US +6.02%, closing in on weekly high

## The Week

OILU.US rose 6.02% this week to close at $54.63, comfortably ahead of the S&P 500’s 0.09% move. The week was marked by a rally and pullback pattern: Monday opened at $54.17 and briefly hit $52.74 before three straight up days, with Thursday (Sep 3) topping out at $58.55, only for Friday to give back the gains and close at $54.63. Weekly amplitude was 10.73%, while average daily volume of 82,844 shares sat about 39% below the median, pointing to an upward move on relatively thin turnover.

## Sector News

The oil and gas space was busy. Chevron sealed a Venezuela deal, adding Orinoco acreage and resetting venture terms, with a planned $7bn investment over five years; Goldman Sachs sees Venezuelan crude output rising, though a return to pre-2018 levels looks unlikely. Elsewhere, SLB moved into data-centre cooling via its Kelvion acquisition, while Baker Hughes won a multi-year contract with Pakistan’s OGDC and a North Sea stimulation contract from bp. Analysts were active as well: Seaport Global initiated Occidental Petroleum and Devon Energy with buy ratings, later upgrading Devon to strong buy. Valero’s Port Arthur refinery disruption and Benicia odour reports added a supply-side wrinkle.

## The Week Ahead

Macro and rate data dominate. Thursday, Sep 10, brings US initial jobless claims (prior 206k, forecast 205k), final demand PPI (prior 0, forecast 0.4), core PPI, a 10-year Treasury auction, and existing home sales on an annualised basis. These prints will shape the next pricing cue for crude and related equities. Chevron’s Venezuela agreements and Baker Hughes’s new contracts from this week could also see follow-through.

## In Short

OILU.US outperformed in a busy week for oil and gas, but Friday’s pullback and below-median volume suggest the upside wasn’t fully confirmed by turnover. The latest daily capital snapshot shows small-lot selling pressure while large-lot direction stays unclear. On the sector side, Chevron’s Venezuela expansion, SLB’s data-centre pivot, and a run of E&P contracts provide an upward tilt, yet refinery disruptions and labour-friction headlines point to lingering supply concerns. Next week’s PPI and jobless claims will be the key test of whether this move can hold.

*This article is generated by LongbridgeAI from market data, for information only and not investment advice.*

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**