Short Sellers Can't Make Up Their Minds on Major Oil

Energy

Published: July 26, 2017 8:45 am

Last Updated: January 12, 2020 9:46 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 $48.

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 July 14 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 22.84 million shares from the previous reading of 22.10 million. The shares were last seen trading at $104.39, in a 52-week range of $97.53 to $119.00.

Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 33.04 million shares from the previous 36.26 million. The stock was trading at $80.27, within a 52-week range of $79.26 to $93.22.

BP PLC (NYSE: BP) short interest decreased to 12.25 million shares from the previous reading of 12.70 million. Shares were recently at $34.90, in a 52-week range of $32.50 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short decreased to 31.48 million from the previous level of 33.01 million. Shares were trading at $43.65, within a 52-week range of $38.80 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, increased to 60.27 million shares from the previous 59.66 million. The stock traded at $8.69 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 increased to 10.87 million shares from the previous reading of 10.54 million. Shares recently traded at $61.01, in a 52-week range of $57.20 to $78.48.

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