For investors seeking momentum, VanEck Vectors Oil Refiners ETF (CRAK Quick QuoteCRAK - Free Report) is probably on radar now. The fund just hit a new 52-week high and is up nearly 34.5% from its 52-week low price of $19.04/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:

CRAK in Focus

This fund offers exposure to the overall performance of companies involved in crude oil refining. It holds a small basket of 26 stocks with no stock holding more than 8.89% of the basket. American firms account for about 26.8% share followed by Japan (11.2%). Other countries like India and Austria receive the next two spots, but with a single-digit allocation. The ETF charges 59 bps in fees (see: all the energy ETFs here).

Why the Move?

The credit goes to Hurricane Harvey which is washing out Texas. The deadly storm has thumped a quarter of oil production from the Gulf of Mexico and over 10% of U.S. refining capacity. The area is a major hub for oil refineries which have been shut down. Lower demand from refineries pressured crude oil prices but pushed up prices for gasoline. The difference in the price of crude oil and gasoline — the "crack spread” — rose significantly in recent tradings. This has benefited refiners.

More Gains Ahead?

It seems that this fund might stay strong given a positive weighted alpha of 34.50%. As a result, there is still some promise for investors who want to ride on this surging ETF.

Want key ETF info delivered straight to your inbox?

Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>