Short Sellers Run for Cover From Major Oil

By Chris Lange Updated Jan 12, 8:14AM EST · Published Sep 13, 8:45AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Short Sellers Run for Cover From Major Oil — © Thinkstock

Crude oil had traded above $50 a barrel in the first quarter of this year. Afterward it took a big step back. It recently has flirted with the $50 price level but hasn’t made any real progress past it. This was once thought as a support level, but it seems more like a price ceiling. The current crude price is still this is less than half of what it was in 2014.

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 August 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 increase to 27.45 million shares from the previous reading of 26.04 million. The shares were last seen trading at $112.49, in a 52-week range of $97.53 to $119.00.

[nativounit]

Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 38.23 million shares from the previous 35.15 million. The stock closed most recently at $79.50, within a 52-week range of $76.05 to $93.22.

BP PLC (NYSE: BP) short interest decreased to 7.26 million shares from the previous reading of 8.55 million. Shares traded at $35.75, in a 52-week range of $32.53 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short decreased to 32.25 million from the previous level of 33.43 million. Shares were trading at $44.93, within a 52-week range of $39.00 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 31.45 million shares from the previous 41.78 million. The stock traded just below $9.89 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 9.31 million shares from the previous reading of 9.99 million. Shares recently traded at $60.78, in a 52-week range of $57.20 to $75.60.

[wallst_email_signup]

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.