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Oil rush takes ETP investor inflows to five-year high
2015年2月6日 / 下午4点54分 / 3 年前

Oil rush takes ETP investor inflows to five-year high

* Commodity ETP inflows hit $5.2 bln in January
    * Energy ETP flows surge to $3.7 bln as investor base widens
    * Gold inflows at $2.3 bln after rise in FX volatility

    By Claire Milhench
    LONDON, Feb 6 (Reuters) - Investors continued to pile into
oil exchange traded products (ETPs) in January, pushing inflows
for all commodity ETPs to their biggest monthly total in nearly
five years, according to the latest global data from asset
manager BlackRock.
    Energy ETP inflows surged to $3.7 billion last month after
attracting $2.5 billion in December, as more institutional
investors bet on an oil price rebound after months of falling
    "Investors are hunting for the bottom of crude, in the
expectation that the price might stabilise or rally again," said
Ursula Marchioni, head of ETP research, EMEA region, at
BlackRock's iShares division.
    January saw the highest ever monthly inflow for energy
commodity ETPs globally, with the United States Oil ETF 
alone attracting $1.2 billion. 
    "Shares outstanding have soared nearly six-fold in just
three months and recently climbed to their highest level since
early 2009," analysts at Commerzbank noted. 
    Nitesh Shah, associate director at ETF Securities, said
January was the strongest month for its oil ETPs since the
products were launched in 2006. 
    "It's unprecedented, we've never seen this much interest,"
he said. "Traditionally when the price dips you see a lot of
tactical flows, but this is more than tactical because it's very
hard to see oil prices rebounding within a month or two."
    He added that a broader investor base had developed with
interest from insurance companies and pension funds -- groups
that have avoided commodities in recent years: "It's
institutions who have been out of the market for a very long
time. And they're willing to wait."
    The ETF Securities' WTI and Brent ETPs have now seen 18 and
seven weeks of inflows respectively. "The momentum is there, and
the people who got in quite early on are sticking to their
positions. The outflows are negligible," Shah said. 
    In price terms, energy was the worst performing sector in
the S&P Goldman Sachs Commodity Index, with U.S. crude
down 10.5 percent in January, the biggest fall in the sector.
    January's total commodity ETP flows were also boosted by a
reversal in sentiment towards gold, which attracted $2.3
billion. These were the first significant inflows since June and
followed five consecutive months of redemptions.
    Marchioni said the volatility in currency markets following
the Swiss National Bank's decision to remove the cap on the
Swiss franc's exchange rate against the euro may have encouraged
investors to seek a safe haven.
    The European Central Bank's decision to launch its bumper
bond-buying programme to inject billions of euros into the
flagging euro zone economy then cemented the trend.
     Global commodities at end-January (US$ mln)
 SECTOR                             JAN FLOWS   JAN ASSETS
 Broad Market/Diversified           -300.1      13,143.1
 Agriculture                        -213.3      3,863.2
 Energy                             3,734.4     10,798.8
 Industrial Metals                  -151.7      1,533.1
 Gold                               2,332.6     67,496.6
 Silver                             -68.5       9,716.5
 Other Precious Metals              -86.6       17,874.1
 TOTAL Precious Metals              2,177.5     95,087.3
 TOTAL COMMODITIES                  5,246.9     124,425.5
 Source: BlackRock

 (Editing by Greg Mahlich)

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