Short Sellers Run for Cover From Major Oil

[cnxvideo id=”655379″ placement=”ros”]Since Trump has taken the White House, crude oil has been trading above $50, and it seems to have solidified at this price level, which is a step in the right direction. Former Exxon CEO, Rex Tillerson, is also secretary of state, which could prove to be beneficial for the oil industry. With these tailwinds, short interest for major oil stocks is now more important than ever to follow.

Although the current crude price is still this is less than half of what it was in 2014, the prospect for this industry is promising.

The January 31 short interest data have been compared with the previous figures, and short interest moves for most of the selected oil stocks were downward.

Chevron Corp. (NYSE: CVX) saw its short interest decrease to 24.43 million shares from the previous reading of 29.84 million. The shares were last seen at $112.26, in a 52-week trading range of $82.90 to $119.00.

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Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 30.59 million shares from the previous 35.02 million. The stock was trading at $81.84, within a 52-week range of $79.67 to $95.55.

BP PLC (NYSE: BP) short interest increased to 15.55 million shares from the previous reading of 14.22 million. Shares were recently at $34.44, in a 52-week range of $28.01 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short decreased to 14.33 million from the previous level of 14.81 million. Shares were trading at $49.54, within a 52-week range of $31.82 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 54.45 million shares from the previous 63.82 million. The stock traded at $10.14 a share, in a 52-week range of $3.00 to $12.56. 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 increased to 12.65 million shares from the previous reading of 12.06 million. Shares were recently at $68.19, in a 52-week range of $64.37 to $78.48.

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