Short Sellers Attacked Oil Giants as Oil Slid Toward $80

Energy

Published: October 27, 2014 9:55 am

Last Updated: October 27, 2014 10:00 am

Short interest data for major oil stocks was released for the October 15 settlement date. Most of the top oil stocks, with the exception of Petrobras, saw their short interest fall in this period. We have added color on each and included a trading range for comparison.

BP PLC (NYSE: BP) saw its short interest increase to 7.2 million shares, with 1.03 days to cover. This is up from the previous period of 6.87 million shares short. It seems that BP is regressing to the average short interest range that it saw in the fall of 2013. Shares closed Friday at $42.17, against a 52-week trading range of $39.45 to $53.48.

Chevron Corp. (NYSE: CVX) saw its short interest continue to fall to 13.89 million shares, with 1.52 days to cover. Chevron’s previous short interest readings were 14.15 million for late-September and 17.14 million in mid-September. The number of shares short dropped to the lowest level for just over the previous eight months, and this also marks the third consecutive period for it to fall. The stock closed Friday at $115.91, and shares have traded in a range of $106.65 to $135.10 over the past year.

ConocoPhillips (NYSE: COP) short interest level rose to 24 million from its previous reading at 22.86 million shares. Days to cover was 2.4, down from the previous level of 3.97. Note that the number of ConocoPhillips shares short has remained within a range 20 million to 25 million, with only three readings from the past 52 weeks outside of this range. The stock ended Friday at $70.07, within a 52-week trading range of $62.74 to $87.09.

ALSO READ: Short Interest in Semiconductors Becomes Company Specific

Exxon Mobil Corp.‘s (NYSE: XOM) short interest increased to 37.89 million, with 2.38 days to cover. That was about 2 million higher than in the previous period, as well as the second lowest number of Exxon shares shorted in the past 52 weeks, the lowest being the previous reading. It is also worth noting that Exxon Mobil’s share price has been falling since late July, but it would appear that investors are optimistic, potentially seeing a bottom. Exxon closed Friday at $94.49, within a 52-week trading range of $86.91 to $104.76.

Occidental Petroleum Corp. (NYSE: OXY) saw its short interest grow to 8.50 million, with 1.40 days to cover. The level for late September was at 7.09 million and for mid-September was 7.51 million. The number of shares short for the end of September was the fourth lowest for the past 52 weeks, and the lowest relative reading since March. Occidental has a normal short range of roughly 8 million to 10 million on the year. The stock closed Friday at $89.52, and it has a 52-week trading range of $82.30 to $105.64.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest rise to 37.62 million shares, with one day to cover. The previous short interest for Petrobras was 29.97 million shares, and the reading for mid-September was 28.51 million. The number of shares short has fluctuated heavily on the year, from a low of 16.96 million to a high of 66.43 million. Shares closed Friday at $12.93, within a 52-week range of $10.20 to $20.94.

ALSO READ: Merrill Lynch Has 3 Oil Picks for Lower Then Higher Oil Prices

The Average American Is Losing Their Savings Every Day (Sponsor)

If you’re like many Americans and keep your money ‘safe’ in a checking or savings account, think again. The average yield on a savings account is a paltry .4% today, and inflation is much higher. Checking accounts are even worse.

Every day you don’t move to a high-yield savings account that beats inflation, you lose more and more value.

But there is good news. To win qualified customers, some accounts are paying 9-10x this national average. That’s an incredible way to keep your money safe, and get paid at the same time. Our top pick for high yield savings accounts includes other one time cash bonuses, and is FDIC insured.

Click here to see how much more you could be earning on your savings today. It takes just a few minutes and your money could be working for you.