Major Oil Short Interest on the Rise

BP PLC (NYSE: BP) saw its short interest increase to 8.48 million, with 1.22 days to cover. This is down from the spike in mid-September to 11.79 million shares short, but it has been increasing toward it over these past three periods. The company’s stock closed Tuesday at $41.75, against a 52-week trading range of $39.45 to $53.48.

Chevron Corp. (NYSE: CVX) saw its short interest jump to 16.3 million, with 2.01 days to cover. Chevron’s previous short interest readings were 13.9 million for mid-October and 14.2 million in late September. The company’s shares closed Tuesday at $118.44, and they have a 52-week trading range of $106.65 to $135.10.

ConocoPhillips (NYSE: COP) saw its short interest level fall to 22.97 million. Days to cover was 2.75. The reading for short interest in mid-October was 24.0 million, with 2.49 days to cover. The short interest level for ConocoPhillips seems to have fallen back within its normal range for the year, as only two readings out of the past 24 fell outside of the range of 20 million to 25 million. The company’s stock closed Tuesday at $71.75, within a 52-week trading range of $62.74 to $87.09.

Exxon Mobile Corp. (NYSE: XOM) saw its short interest increase to 42.1 million, with 3.01 days to cover. This previous level was 37.9 million. This is the fourth lowest short interest reading of Exxon shares short in the past 52 weeks. The three readings below it were recorded in September and mid-October. It is also worth noting that Exxon Mobile shares have been falling since late July but have made a small recovery bounce since the October 15 reading. It would appear that investors have been optimistic with these recent readings and found the bottom. Exxon closed Tuesday at $96.41, within a 52-week trading range of $86.91 to $104.76.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest more than double to 93.6 million, with 1.46 days to cover. The previous short interest level for Petrobras was 37.6 million, and the reading for late September was 29.97 million. The number of shares short has fluctuated heavily on the year from a low of 21.7 million to the current high of 93.6 million. The shares closed Tuesday at $10.65, within a 52-week range of $10.20 to $20.94. While lower oil prices are the catalyst elsewhere, this is the bogey for evaluating Brazil’s continued post-election socialist victory.

Occidental Petroleum Corp. (NYSE: OXY) saw its short interest increase to 9.27 million, with 1.61 days to cover. The level for mid-October was recorded at 8.5 million, and for late September was 7.09 million. The short interest reading for the end of September was the fifth lowest for the past 52 weeks and the lowest relative reading since February. The company’s stock closed Tuesday at $89.11, and it has a 52-week trading range of $82.30 to $105.64.

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