Pricing of Brent Crude Oil & Connected Certificate

[MaxWeber]

Hi,

on March 26th when prices dropped I bought some oil certificates (DG1HHH) for the price of 16€. at that time, the price for Bent Crude Oil was at $26,95. Today, Brent Crude is at $49,25. So plus 82%. 

But certificate DG1HHH is only at $25, plus 56%.

I know that the price for DG1HHH is based on the futures, not directly on the oil price. But can anyone explain to me why the price of the futures moves so much inaccording to the actual price of the oil? 

Thanks,

Max

[Stefaaan]

The cost of rolling into new contracts is the main reason ETF returns differ from physical commodity prices.

[MaxWeber]

ok, that is clear. But shouldn`t the price of the certificate somehow closer follow the price development of the real oil? Is it just later with a small time shift or what would you expect after oil prices have been rising quicker than the futures and the certificates?

Thanks