Crude oil had traded above $50 a barrel before early March. This level was once thought as a support level, but after crude dropped by over 5%, this has been called into question. The current crude price is still this is less than half of what it was in 2014. Following recent geopolitical tensions in the Syria, crude oil appears to be holding steady around $46.
Also former Exxon CEO Rex Tillerson taking the role of Secretary of State could prove to be beneficial for the oil industry. Considering this, short interest for major oil stocks is now more important than ever to follow.
The April 28 short interest data have been compared with the previous figures, and short interest moves for the selected oil stocks were mixed.
Chevron Corp. (NYSE: CVX) saw its short interest increase to 20.10 million shares from the previous reading of 19.42 million. The shares were last seen at $105.08, in a 52-week trading range of $97.53 to $119.00.
Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased slightly to 28.76 million shares from the previous 28.87 million. The stock was trading at $82.31, within a 52-week range of $80.30 to $95.55.
BP PLC (NYSE: BP) short interest increased to 17.50 million shares from the previous reading of 12.93 million. Shares were recently at $35.35, in a 52-week range of $30.66 to $38.68.
The number of ConocoPhillips (NYSE: COP) shares short decrease to 16.21 million from the previous level of 16.38 million. Shares were trading at $46.27, within a 52-week range of $38.80 to $53.17.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, increased slightly to 32.21 million shares from the previous 31.97 million. The stock traded at $9.36 a share, in a 52-week range of $5.45 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 decreased to 16.80 million shares from the previous reading of 17.15 million. Shares were recently at $59.88, in a 52-week range of $57.20 to $78.48.
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