For investors seeking momentum, Invesco Dynamic Oil & Gas Services ETF (PXJ Quick QuotePXJ - Free Report) is probably on radar. The fund just hit a 52-week high and is up about 76.6% from its 52-week low price of $17.95/share.

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed:

PXJ in Focus

Invesco Dynamic Oil & Gas Services ETF targets the energy sector and evaluates companies based on a variety of investment merit criteria, including price momentum, earnings momentum, quality, management action and value. It charges investors 63 basis points a year in fees (see: all the Energy ETFs here).

Why the Move?

The energy sector has been an area to watch lately, given the surge in oil prices, driven by tightening supply conditions and the prospect of higher demand. The global oil market is expected to face the biggest deficit in over a decade and comes as the two major oil-producing nations, Saudi Arabia and Russia, extended their voluntary cuts by the end of the year. On the other hand, “world oil demand is scaling record highs,” said the International Energy Agency in a recent note. Strong summer air travel, increased oil use in power generation and surging Chinese petrochemical activity are driving demand higher.

More Gains Ahead?

Currently, PXJ has a Zacks ETF Rank #5 (Strong Sell) with a High risk outlook. However, many industries that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.