Energy

Rising Oil Prices Have Short Sellers Confused

Chris Lange

Published: September 26, 2018 10:00 am

Last Updated: March 13, 2020 6:05 pm

Crude oil was trading right around $72 a barrel early on Wednesday. Over the past month, crude has been up and down, reaching as high as about $73 and as low as $67, but the current crude price still pales in comparison to what it was in 2014.

The September 14 short interest data have been compared with the previous figures, and short interest moves in these selected big oil stocks were mixed.

Chevron Corp. (NYSE: CVX) saw its short interest decrease slightly to 16.66 million shares from the previous reading of 16.71 million. The shares were last seen trading at $123.13, in a 52-week range of $108.02 to $133.88.

Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 30.03 million shares from the previous level of 27.07 million. The stock traded at $86.18, within a 52-week range of $72.16 to $89.30.

BP PLC (NYSE: BP) short interest remained virtually flat at 5.26 million shares. Shares traded at $46.32, in a 52-week range of $36.15 to $47.83.

The number of ConocoPhillips (NYSE: COP) shares short fell to 11.23 million from the previous 11.83 million. Shares were trading at $78.28, within a 52-week range of $48.70 to $78.61.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, increased to 49.09 million shares from the previous 42.60 million. The stock traded at $11.54 a share, in a 52-week range of $9.02 to $17.20. 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 8.00 million shares from the previous reading of 8.56 million. Shares recently traded at $81.76, in a 52-week range of $62.47 to $87.67.