Major Oil Stocks Short Interest Surprise

BP PLC (NYSE: BP) saw its short interest fall to 6.87 million, with 1.17 days to cover. This is down from the spike in mid-September to 11.79 million shares short. It would appear that BP is resetting back to the average short interest range for the past 52-weeks. The company’s stock closed Thursday at $41.99, against a 52-week trading range of $41.94 to $53.48.

Chevron Corp. (NYSE: CVX) saw its short interest continue to fall to 14.15 million, with 2.14 days to cover. Chevron’s previous short interest readings were 17.14 million for mid-September and 20.34 million in late August. The number of shares short fell to the lowest level for just over the previous six months, and this also marks the second consecutive month for it to fall. The company’s shares closed Thursday at $114.51, and they have a 52-week trading range of $109.27 to $135.10.

ConocoPhillips (NYSE: COP) saw its short interest level remain consistent with its previous reading at 22.86 million. Days to cover was 3.9. The reading for short interest in mid-September was 22.87 million, with 4.38 days to cover. The short interest level for ConocoPhillips seems to have fallen back within its normal range for the year, as only three readings out of the past 24 fell outside of the range of 20 million to 25 million. The company’s stock closed Thursday at $71.44, within a 52-week trading range of $62.74 to $87.09.

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Exxon Mobile Corp. (NYSE: XOM) saw its short interest fall to 35.74 million, with 2.97 days to cover. This fell roughly 5 million from the previous level of 40.72 million. This is the lowest number of Exxon shares short in the past 52 weeks. It is also worth noting that Exxon Mobile shares have been falling since late-July, but it would appear that investors are optimistic, potentially seeing a bottom. Exxon closed Thursday at $91.82, within a 52-week trading range of $85.50 to $104.76.

Occidental Petroleum Corp. (NYSE: OXY) saw its short interest fall to 7.09 million, with 1.67 days to cover. The level for mid-September was recorded at 7.52 million and for late August was 8.45 million. The short interest reading for the end of September was the fourth lowest for the past 52 weeks and the lowest relative reading since March. The company’s stock closed Thursday at $92.53, and it has a 52-week trading range of $85.90 to $105.64.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest rise to 29.97 million, with one day to cover. The previous short interest level for Petrobras was 28.51 million, and the reading for late August was 29.25 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. The current level has remained consistent since late August. The company’s shares closed Thursday at $16.77, within a 52-week range of $10.20 to $20.94.

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