Energy

Short Sellers Grow More Selective in Major Oil

Chris Lange

Published: November 28, 2016 7:10 am

Last Updated: January 12, 2020 5:24 pm

The short interest data have been released for the November 15 settlement date. After the election was decided with the Republican candidate taking the White House, short interest for major oil stocks is now more important than ever to follow. Crude oil has recovered to around the $45 level, which is a step in the right direction, but still this is less than half of what it was in 2014.

The November 15 short interest data have been compared with the previous figures, and short interest for the selected oil stocks was ultimately mixed, although there were substantial moves one way or the other.

Chevron Corp. (NYSE: CVX) saw its short interest increase to 37.00 million shares from the previous reading of 33.03 million. The shares closed Friday at $111.00, in a 52-week trading range of $75.33 to $111.47.

Exxon Mobil Corp. (NYSE: XOM) had short interest that fell to 45.02 million shares from the previous 53.96 million. The stock closed Friday at $87.12, within a 52-week range of $71.55 to $95.55.

BP PLC (NYSE: BP) short interest decreased to 10.03 million shares from the previous reading of 10.13 million. Shares closed Friday at $34.27, in a 52-week range of $27.01 to $37.28.

ConocoPhillips (NYSE: COP) saw the number of its shares short increase to 18.38 million from the previous level of 17.33 million. Shares closed Friday at $45.75, within a 52-week range of $31.05 to $54.75.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest increase to 72.45 million shares from the previous 64.37 million. The stock closed Friday at $10.20 a share, in a 52-week range of $2.71 to $12.56. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its ongoing woes in Brazil.

Occidental Petroleum Corp.’s (NYSE: OXY) short interest decreased to 15.12 million shares from the previous reading of 17.60 million. Shares closed most recently at $69.75, in a 52-week range of $58.24 to $78.48.