Energy

Short Sellers Back Off Major Oil

Chris Lange

Published: July 13, 2017 8:45 am

Last Updated: January 12, 2020 10:11 am

Crude oil had traded above $50 a barrel before early March, and recently it has taken a big step back. This was once thought as a support level, but after crude dropped by over 10%, that 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 has backed off and now trades around $45.

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 June 30 short interest data have been compared with the previous figures, and short interest for most of the selected oil stocks decreased.

Chevron Corp. (NYSE: CVX) saw its short interest decrease to 22.10 million shares from the previous reading of 23.66 million. The shares were last seen at $103.89, in a 52-week trading range of $97.53 to $119.00.

Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 36.26 million shares from the previous 37.88 million. The stock was trading at $80.96, within a 52-week range of $79.26 to $95.55.

BP PLC (NYSE: BP) short interest decreased to 12.70 million shares from the previous reading of 17.10 million. Shares were recently at $34.87, in a 52-week range of $32.50 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short increased to 33.01 million from the previous level of 31.31 million. Shares were trading at $43.24, within a 52-week range of $38.80 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 59.66 million shares from the previous 63.23 million. The stock traded at $8.44 a share, in a 52-week range of $7.61 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 10.54 million shares from the previous reading of 11.73 million. Shares recently traded at $59.16, in a 52-week range of $57.20 to $78.48.