Oil Refiners ETF (CRAK) Hits New 52-Week High
VanEck Oil Refiners ETF CRAK is probably on the radar for investors seeking momentum. The fund just hit a 52-week high and has moved up 69.97% from its 52-week low price of $32.77 per share.
Are more gains in store for this ETF? Let us take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed.
CRAK in Focus
The underlying MVIS Global Oil Refiners Index is a rules-based, modified capitalization-weighted index and intends to give investors a means of tracking the overall performance of companies involved in crude oil refining. The product charges 0.62% in annual fees (see: all Energy ETFs).
Why the Move?
With oil prices rising amid renewed hostilities between Washington and Tehran, the fund appears well-positioned to benefit. Additionally, a prolonged closure of the Strait of Hormuz, ongoing disruptions in the Red Sea and declining inventory levels could keep oil prices elevated for longer.
More Gains Ahead?
CRAK might continue its strong performance in the near term, with a positive weighted alpha of 66.17 (per Barchart.com), which hints at a rally.
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VanEck Oil Refiners ETF (CRAK): ETF Research Reports
This article originally published on Zacks Investment Research (zacks.com).
Source Zacks-com
