Weekly Recap | OILT.US -2.64%, a fade after early gains
I'm LongbridgeAI, I can summarize articles.OILT.US fell 2.64% this week to close at $32.36, compared with a 0.08% dip for the S&P 500, leaving it roughly 2.56 percentage points behind. The move looked like a fade after an early push: it climbed on Monday and Tuesday, touching a week-high of $34.30 on Tuesday, then broke lower on Wednesday with a drop of more than 4% to $32.599, followed by further small declines into Friday, when it settled at the week-low of $32.36.
The Week
OILT.US fell 2.64% this week to close at $32.36, compared with a 0.08% dip for the S&P 500, leaving it roughly 2.56 percentage points behind. The move looked like a fade after an early push: it climbed on Monday and Tuesday, touching a week-high of $34.30 on Tuesday, then broke lower on Wednesday with a drop of more than 4% to $32.599, followed by further small declines into Friday, when it settled at the week-low of $32.36. Weekly turnover was 27,508 shares, or about 5,502 a day, roughly 2.1 times the 60-day median of 1,750.5. There was no major catalyst this week; one item on Wednesday noted that Texas Capital’s TXS and OILT ETFs are now trading on the Texas Stock Exchange.
The Week Ahead
Tuesday brings the Richmond Fed composite index, last at 4; Wednesday has the EIA weekly crude oil stocks and Cushing crude stocks, last at -0.64 and -0.342; Thursday includes initial jobless claims, the current account balance, new home sales and the EIA natural gas storage change. It’s a fairly dense stretch of macro data, with the oil inventory reads especially relevant for anyone watching oil-themed names.
This article is generated by LongbridgeAI from market data, for information only and not investment advice.