Energy

Short Sellers Chase Major Oil Stocks Higher

Chris Lange

Published: September 27, 2017 10:15 am

Last Updated: January 12, 2020 7:45 am

Crude oil had traded above $50 a barrel in the first quarter of this year, and finally it’s back to that magic number. If the price can hold near this level, analysts may start calling for the $60 price level, but oil has to stabilize here first. The current crude price is still 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 September 15 short interest data have been compared with the previous figures, and short interest for most of the selected oil stocks increased.

Chevron Corp. (NYSE: CVX) saw its short interest increase to 29.24 million shares from the previous reading of 27.45 million. The shares were last seen trading at $117.52, in a 52-week range of $98.75 to $119.00.

Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased slightly to 38.15 million shares from the previous 38.23 million. The stock closed recently at $80.89, within a 52-week range of $76.05 to $93.22.

BP PLC (NYSE: BP) short interest increased to 7.53 million shares from the previous reading of 7.26 million. Shares traded at $37.87, in a 52-week range of $32.53 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short increased to 33.64 million from the previous level of 32.25 million. Shares were trading at $49.67, within a 52-week range of $39.12 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, increased to 33.33 million shares from the previous 31.45 million. The stock traded just below $10.22 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 slightly to 9.39 million shares from the previous reading of 9.31 million. Shares recently traded at $64.44, in a 52-week range of $57.20 to $75.60.