Short Sellers Attacked Oil Giants as Oil Slid Toward $80

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.

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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.

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