International oil prices hit nearly six-year highs Commodity-themed fund yields continue to dominate

　　During the long domestic Spring Festival holiday, international oil prices hit a new high since 2016 under many favorable conditions, and in the last seven days, still standing above $90/barrel.

　　In this regard, a number of institutional sources said to the "Securities Daily" reporter, due to supply and demand and geopolitical fundamentals of the dual positive support, international oil prices hit a record high, driving a number of commodity futures prices continue to rise, in the short term, the positive fundamentals remain unchanged, the support of oil prices for energy and chemical commodities will continue.

　　The reporter found that, benefiting from the continuous strength of commodities, A-share market related commodity theme fund returns also continued to go up, especially crude oil, energy chemicals and beans theme fund, since the Spring Festival earnings ranking continued to dominate the screen, in the year earnings ranking also occupy the forefront.

　　Oil prices short-term rising logic is still in place

　　Since the beginning of the year, international commodities have seen several fluctuations, especially during the domestic Spring Festival holiday, the Brent crude oil futures price stood on the $90/barrel mark in one fell swoop, hitting a new record high since 2016, thus driving a number of commodity futures prices to climb, such as natural gas, LPG and other varieties.

　　Xiao Qiu, deputy director of the research department of Harvest Fund and director of large cycle research, told the Securities Daily reporter that international oil prices continued to rise, breaking through the $90/barrel barrier during the Spring Festival holiday, in the short term, there are more influencing factors, in addition to supply and demand factors, geopolitical influence is also great; short-term supply and demand mismatch will be favorable to the energy chemical sector.

     However, in the medium and long term, the oil price pivot is gradually declining in the context of electrification, and the long-term pivot should be below the $50/barrel mark.

　　Yu Xuefei, general manager of the research and consulting department of Yangtze River Futures, told the Securities Daily that there are many fundamental factors affecting crude oil prices, in the context of the global energy crisis, local geopolitical heating, coupled with the domestic "moderate ahead of infrastructure" and "financial support for housing" policy is expected to enhance demand, the future will further support the non-ferrous and black industrial chain.

　　"International oil prices can break through the $ 90 / barrel barrier, on the one hand, lies in the supply and demand fundamentals of good cooperation, on the other hand, we also need to see the inventory is at historically low levels."

　　Yangtze River futures researcher Wang Hao Zheng told reporters that current crude oil inventories have been lower than the level of the same period in the past five years, and there is a continuing downward trend, the supply and demand side of the price support is strong. In the short term, oil prices are still difficult to achieve significant downside, and the support of oil prices for energy commodities is expected to continue.

　　Related theme fund yields dominate the screen

　　On the one hand, the commodity market presents more investment opportunities, on the other hand, is the theme of commodities as the subject of funds also gain significantly. The Securities Daily reporter found that according to WIND statistics, in the whole market 9334 funds, whether from the last week or the last month and the year since the cycle of statistics, commodity theme funds continue to rank top returns, especially crude oil class and energy chemical commodity funds.

　　WIND data shows that as of February 10, in the market-wide yearly return ranking, GF Dow Jones U.S. Oil A, Huaxia Feed Soybean Meal Futures ETF, Harvest Crude Oil, and Efatar Crude Oil A were among the top 10. In the market-wide fund return ranking for the past week, 9 of the top 10 products were commodity-themed funds, with Huaxia Feed Soybean Meal Futures ETF, Guotai CSI Coal ETF, Fortune CSI Coal A, ETF CSI Energy ETF, and GF CSI All-Index Energy ETF among them.

      In the recent January return ranking, Jianxin Yi Sheng Zheng Shangxiang Energy & Chemical Futures ETF, Harvest Crude Oil, Efunda Crude Oil A, and Southern Crude Oil A ranked among the top 10.