Major Oil Short Interest Gaining Momentum

The June 15 short interest data have been compared with the previous figures, and short interest for the selected stocks is largely up.

Chevron Corp. (NYSE: CVX) saw its short interest increase to 18.13 million shares from the previous reading of 16.34 million. The previous readings have been the highest short interest for the past year, until these last couple of readings dropped off from that level. Shares closed Wednesday at $99.27, in a 52-week trading range of $98.81 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest rise to 36.00 million shares from the previous level of 34.66 million. Shares closed Wednesday at $84.68, within a 52-week trading range of $82.68 to $104.76.

BP PLC (NYSE: BP) short interest fell slightly to 10.06 million shares, from its previous reading of 10.29 million. Some of its most recent readings are the highest on its 52-week range, excluding a spike in September. However, it looks like short interest is beginning to back off of these highs. Shares closed Wednesday at $41.83, in a 52-week trading range of $34.88 to $53.48.

ConocoPhillips (NYSE: COP) saw the number of its shares short increase to 26.30 million from the previous level of 24.72 million. Note that the most recent short interest readings back to December are at an elevated level compared to the other half of the 52-week range. Shares closed Wednesday at $62.83, within a 52-week trading range of $60.57 to $87.09.

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Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest fall to 130.38 million shares from its previous reading of 136.52 million. The current short interest level is roughly four times larger than it was a year ago. Shares closed Wednesday at $9.47, 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 jumped to 10.49 million shares from the previous reading of 6.77 million. Shares closed most recently at $79.32, in a 52-week trading range of $71.70 to $100.27.