Benefiting from the strengthening of underlying assets Oil and gas commodity funds accounted for nine of the top 10 in the overall market income list

Since the beginning of this year, the futures price of oil and gas commodity assets has shown a strong trend overall, and as of November 1 (the same below), the main contracts related to Brent crude oil, WTI crude oil and US natural gas have all increased
to varying degrees from the opening price at the beginning of the year.
According to Wind data, among the TOP10 of more than 10,000 public funds in the market, oil and gas commodity funds occupy 9 seats, with the highest return reaching 83.
3%, leading other types of public funds
.

A number of analysts told reporters that the overall trend of oil and gas commodity asset futures during the year is strong, taking crude oil as an example, the first half of the year has always been in an upward trend, although the third quarter has declined, but compared with the opening price at the beginning of the year, the current futures price is still in a high position
.
For oil and gas commodity funds, it is reasonable to achieve better returns in the same period under the support of higher underlying asset prices, but it is also necessary to pay attention to controlling positions and beware of the risk of reverse operation; For enterprises in related industries, they should make good use of derivatives tools and do a good job in risk control
.

U.
S.
natural gas futures rose by 53.
3% in the year

Guided by geopolitical risks and macro factors, the futures price of oil and gas commodity assets remained high as a whole, although there was a brief rise and fall during the period, but compared with the beginning of the year, the current asset futures price is still at a high level
.

The reporter's statistics learned that the highest increase in the futures price of oil and gas commodity assets during the year was US natural gas
.
According to Wenhua Finance, as of November 1, the main US natural gas contract for January closed at $6.
175/MMBtu, up 53.
3%
from the opening price of $4.
029/MMBtu at the beginning of the year.
In addition, the main WTI crude oil contract for December opened at $70.
17 / barrel at the beginning of the year and is currently at $87.
67 / barrel, an increase of 24.
9%; Brent crude opened at $72.
61 a barrel at the beginning of the year and is now trading at $94.
03 a barrel, an increase of 29.
5%.

Sui Xiaoying, chief petrochemical researcher of Founder Medium-term Futures, told reporters that although the current center of gravity of international oil prices has declined, it is on the high side of the year as a whole, which is caused by
the tight balance between supply and demand.
For the fourth quarter, geopolitical risks may increase the impact of international crude oil supply, and oil prices will show a relatively resistant downward trend, which is expected to remain high range-bound
.

You Keyou, general manager of the strategic trading department of BOC Futures, told reporters that the international oil price shock in the fourth quarter is more likely to rebound, but under the overseas economic slowdown and tightening monetary policy, downstream demand is still relatively limited, long and short factors are intertwined, and the overall oil price will be in a high range of shocks
.

Oil and gas commodity funds dominate the list

Benefiting from the strong price of oil and gas commodity assets, oil and gas commodity funds also showed good returns
during the year.
According to Wind statistics, as of November 1, among the more than 10,000 public funds in the market, 9 of the top 10 products with annual returns were oil and gas commodity funds; Specifically, GF Dow Jones US Oil A currently ranks first with 83.
3% return, Huabao S&P Oil & Gas A ranks second with 74.
9%, Sino Analytica Oil & Gas Energy ranks third with 65% return, and the other eight funds all return between
40% and 50% during the year.
Overall, in addition to the fifth-ranked Wanjia macro timing multi-strategy, the top ten other products are oil and gas commodity funds
.

"Oil and gas funds benefit from the trend preference of the underlying assets and have achieved good returns, which is reasonable, but for oil and gas funds (QDII) whose target is international crude oil futures, attention should be paid to the risk of operation in the opposite direction, which is based on the consideration of the two-way trading mechanism of
long-short futures.
" You Keyou said that geopolitical risks and fundamental impacts such as the Fed's interest rate hike during the year, commodity prices fluctuated sharply, which also brought great challenges
to commodity funds.
In the fourth quarter, commodity funds should actively adjust their positions to control risks, and when the price goes out of the range, they should actively participate in the trend, carry out reasonable capital and position management, and flexibly respond to market changes
.

Tang Pei, a researcher at Dayou Futures Nonferrous Metals, told reporters that the investment targets of oil and gas commodity funds are generally divided into direct tracking of crude oil commodities and stocks
of oil and gas companies.
For QDII funds that invest in international crude oil commodity futures, the net value is highly correlated with the price trend of crude oil, and the fund that tracks the stocks of oil and gas-related companies, although it is also related to the price trend of oil and gas commodities, the more important factor is the company's
operation.
"At present, oil prices are still at a high level, and for funds whose targets are stocks of oil and gas companies, high oil prices have a driving effect on the rise in stock prices, and at the same time, they also increase operational risks
.
"

Tang Pei believes that in the context of tightening global liquidity, long-short fundamental factors still exist, and commodity funds need to pay attention to the allocation of defensive, moderate positions, maintain a certain cash ratio, and reasonably match hedging arbitrage strategies to effectively diversify risks
.
At the same time, in the face of wide fluctuations in oil and gas commodity prices, relevant industrial enterprises can lock in profits or increase or decrease inventory reserves in advance according to their own business conditions, and reasonably use domestic and foreign futures and options and other derivative instruments to hedge
risks.