Short Sellers Back Off as Oil Prices Rise

Photo of Chris Lange
By Chris Lange Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

The short interest data have been released for the tax day settlement date (April 15). It just so happens that some of the latest short interest readings for major oil companies are continuing to push new highs. It would appear that investors who were more bearish on oil made the right bet for the April 15 settlement date.

Chevron Corp. (NYSE: CVX) saw its short interest fall to 19.5 million shares from the previous reading of 21.3 million. The past five readings have been the highest short interest for the past year. Shares closed Friday at $109.87, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest slip to 39.0 million shares from the previous level of 40.6 million. Shares closed Friday at $86.97, within a 52-week trading range of $82.68 to $104.76.

BP PLC (NYSE: BP) short interest decreased to 10.5 million shares from its previous reading of 12.5 million. Some of its most recent readings are the highest on its 52-week trading range, excluding a spike in September. Shares ended last week at $43.46, in a 52-week trading range of $34.88 to $53.48.

ConocoPhillips (NYSE: COP) saw the number of its shares short decrease to 29.0 million from the previous level of 31.9 million. Note that the most recent readings back to December are the highest on the 52-week range. Shares closed Friday at $67.51, within a 52-week trading range of $60.57 to $87.09.

ALSO READ: More Declines in Solar, Alt Energy Short Interest

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest take a huge jump to 146.1 million from its previous reading of 128.4 million shares. The current short interest level is roughly three or four, times larger than it was a year ago. Shares closed Friday at $9.99, in a 52-week trading range of $4.90 to $20.94. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its woes in Brazil.

Occidental Petroleum Corp. (NYSE: OXY) short interest increased only slightly to 11.6 million shares, up from the previous reading of 11.2 million shares. The mid-February reading of 12.9 million shares was the highest for the past 52 weeks. Shares closed most recently at $79.77, in a 52-week trading range of $71.70 to $101.38.

Photo of Chris Lange
About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.

Featured Reads

Our top personal finance-related articles today. Your wallet will thank you later.

Continue Reading

Top Gaining Stocks

CBOE Vol: 1,568,143
PSKY Vol: 12,285,993
STX Vol: 7,378,346
ORCL Vol: 26,317,675
DDOG Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ Vol: 4,367,433
CLX Vol: 13,260,523
SYK Vol: 4,519,455
MHK Vol: 1,859,865
AMGN Vol: 3,818,618