For investors seeking momentum VanEck Oil Refiners ETF (CRAK Quick QuoteCRAK - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up 103% from its 52-week low price of $24.17 per share.

But are there more gains in store for this ETF? Let’s take a quick look at the fund and its near-term outlook to get a better sense of where it might head.

CRAK in Focus

The underlying MVIS Global Oil Refiners Index is a rules-based, modified capitalization weighted index and intends to give investors a means of tracking the overall performance of companies involved in crude oil refining. The product charges 62 basis points (bps) in annual fees.

What Led to the Rise?

The recent surge in oil prices following escalating tensions in the Middle East region has aided the fund. However, refiners are less of beneficiaries of the oil surge than explorers, as crude is one of refiners’ main input costs. The CRAK ETF is up 9% over the past month -- which includes the ongoing Iran tensions -- while the State Street SPDR S&P Oil & Gas Expl & Prod ETF (XOP Quick QuoteXOP - Free Report) surged about 21.5%.

More Gains Ahead?

CRAK may continue its strong performance in the near term, with a positive weighted alpha of 73.39 (as per Barchart.com), which suggests a further rally.