Major Oil Short Interest Pulls Back Slightly After Oil Falls Under $50

[cnxvideo id=”509733″ placement=”ros”]Since Trump has taken the White House, crude oil had traded above $50 a barrel until early March. This level was once thought as a support level, but after crude dropped by over 5%, this has been called into question. Although, following recent geopolitical tensions in the Syria, crude oil has been flirting with the $50 mark and appears to be holding steady just below it.

Also former Exxon CEO Rex Tillerson taking the role of Secretary of State could prove to be beneficial for the oil industry. Considering this, short interest for major oil stocks is now more important than ever to follow.

Although the current crude price is still this is less than half of what it was in 2014, the prospects for this industry are promising.

The April 13 short interest data have been compared with the previous figures, and short interest moves for the selected oil stocks were mixed.

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Chevron Corp. (NYSE: CVX) saw its short interest decrease to 19.42 million shares from the previous reading of 20.89 million. The shares were last seen at $106.73, in a 52-week trading range of $97.53 to $119.00.

Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 28.87 million shares from the previous 26.59 million. The stock was trading at $81.73, within a 52-week range of $80.30 to $95.55.

BP PLC (NYSE: BP) short interest decreased to 12.93 million shares from the previous reading of 14.88 million. Shares were recently at $34.66, in a 52-week range of $30.66 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short increase to 16.38 million from the previous level of 15.74 million. Shares were trading at $48.79, within a 52-week range of $38.80 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 31.97 million shares from the previous 39.24 million. The stock traded at $9.27 a share, in a 52-week range of $5.45 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 increased to 17.15 million shares from the previous reading of 15.37 million. Shares were recently at $62.50, in a 52-week range of $61.01 to $78.48.

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