FGX Crude Oil (03097.HK) Up 3.61% as Tanker Attack Off Qatar Revives Supply Fears

NewTimeSpace News: As of 10:12 on November 6, FGX Crude Oil (03097.HK) rose 3.61% to a latest price of HK$9.610. The ETF has so far traded 227,300 units today, with turnover of HK$2.1783 million and an average price of HK$9.583; its turnover rate is 2.598%. It has fallen 12.32% week to date. The net asset value per unit is HK$9.3067, and assets under management stand at HK$81.43 million. (Note: NAV and AUM are as of November 5; the week-to-date change is based on the October 30 close of HK$10.960.)

Crude oil rebounded on November 5 after two days of steep losses. The December NYMEX WTI contract gained US$2.40 to settle at US$90.52 a barrel, up 2.72%, while the January Brent contract rose US$3.67 to US$98.29, up 3.88%. The trigger was fresh supply disruption: the UK Maritime Trade Operations office reported that at 23:20 UTC on November 4, a tanker was struck by two unidentified projectiles about 50 nautical miles north of Al Shamal, Qatar, with the condition of the crew and the extent of damage still unclear. Attacks on tankers in the Strait of Hormuz have continued, and Saudi Arabia has warned that the Red Sea export hub of Yanbu faces threats. In Asian hours on November 6, WTI and Brent rose to US$91.45 and US$99.69 a barrel respectively.

FGX Crude Oil (03097.HK) is a commodity futures ETF seeking to track crude oil futures prices by holding crude futures and related instruments, with NAV moving with futures prices and roll costs. When the futures curve is in backwardation, rolling generates positive returns; in contango, rolling incurs a cost.

CITIC Futures notes that progress in US-Iran talks and easing geopolitical expectations had driven oil sharply lower, but the underlying dispute remains unresolved and prices may keep swinging; near-term trading will continue to pit fundamental support against geopolitical disruption.