Tuesday's oil spike showed up in Treasurys, credit, and munis

BlackRock's long Treasury fund BTLT dropped 0.8% on Tuesday, the same session West Texas Intermediate had its largest daily gain of the week, 5.2%. The firm's investment-grade credit fund ALQD fell 0.9% that day, its high-yield fund BHYG 0.9%. By Friday, 105 of 106 municipal-bond funds had finished the week lower, a median decline of 1.0%. State Street's S&P 500 fund ASPY still rose 0.1% for the week, as if none of that had happened.

West Texas Intermediate settled Friday at $91.48 a barrel, up 9.7% from $83.40 at the prior Friday's close. Reuters reported that prices rose as U.S.-Iran fighting raised the risk of supply disruptions. Among 4,662 priced U.S.-listed ETFs, 2,298 finished higher and 2,326 lower. A coin-flip week on the stock-fund board, and a 9.7% week in crude, is not a quiet week.

Oil futures, not oil stocks

The United States Oil Fund BUSO, a $1.73 billion pool of near-dated WTI futures run by USCF, gained 9.5%, a shade behind the crude itself. It charges 0.86%. Energy futures funds as a group, eight of them, returned a median 6.0%, with seven of eight higher.

State Street's energy-sector fund AXLE, which holds the energy companies in the S&P 500, has $42.7 billion in assets and charges 0.08%. It rose 2.2%. Exxon Mobil is 19.9% of that fund and rose 1.8%. Chevron is 15.2% and rose 3.3%. The refiners Marathon Petroleum and Valero rose 5.4% and 5.2%. A 9.7% barrel and those stock moves are the gap. The prices do not explain it.

ProShares' fund that seeks twice the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index, a multi-maturity WTI index, CUCO, rose 11.1%. All five inverse energy funds in the group finished lower, a median decline of 4.4%. Near-dated futures tracked the barrel. The equity fund, an order of magnitude larger and cheaper, did not.

The week's crude moved the futures funds. It did not move energy stocks in any comparable size, and it did not move the stock index.

Bonds fell on Tuesday, not on the jobs report

BTLT lost 0.8% for the week. ALQD lost 0.8%, and BHYG lost 0.7%. All 13 high-yield municipal funds fell.

The damage in Treasurys and credit was Tuesday's. Friday did not add to those losses. The Bureau of Labor Statistics reported that nonfarm payrolls rose 162,000 in August, against a 31,000 average over the prior 12 months, with the unemployment rate unchanged at 4.1%. June and July were revised a combined 55,000 higher. Average hourly earnings rose 0.3% to $37.75, up 3.1% over the year. ASPY fell 0.4% on the session. BTLT rose 0.2%.

The 2-year Treasury yield stood at 4.37% on Friday, the 10-year at 4.78%, on the Treasury's own curve. The Federal Reserve's next scheduled policy meeting is September 15-16. A flat week in stocks did not make duration free.

Lululemon's twice-daily fund lost 34%

The week's largest liquid gains sat in funds that seek twice a single stock's daily move. Lululemon shares fell 17.4% on Friday after the athletic-apparel company cut its full-year outlook, and 16.7% for the week. Leverage Shares' $8.2 million fund that seeks twice that stock's daily move, BLULG, lost 34.1% and traded 10.4 times the prior week's dollar volume.

A 0.1% print on ASPY is what an average looks like when a 9.7% barrel, a Tuesday drop in duration and credit, and a 34% hole in a twice-daily fund all happened inside the same five sessions. The average is not the holding.