| Energy exchange-traded products (ETPs) attracted almost $200 million in June as investors moved into crude oil after civil war broke out in Iraq, the latest monthly flows data from asset manager BlackRock showed. Worries that Iraq's crude exports would be disrupted by violence have proved largely unfounded to date, but the rapidity with which Islamist militants seized territory in the north and west last month alarmed the market, driving up futures prices.
The S&P GSCI Energy index was up 3.2 percent in June, with Brent up 3.8 percent and unleaded gasoline up 3.6 percent. "The bulk of the energy flows went into crude oil ETPs, and most of that went into Brent-tracking products," said Nick Brooks, head of research and investment strategy at ETF Securities, an issuer of ETPs..........................................Full Article: Source
|