Major Oil Short Sellers Run for Cover

By Chris Lange Updated Jan 12, 5:31AM EST · Published Dec 12, 10:45AM EST

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.

Major Oil Short Sellers Run for Cover — © Thinkstock

Crude oil had traded above $50 a barrel in the first quarter of this year, and finally it’s back to that magic number and pushing higher. The price has held relatively steady at this level, and it’s steadily creeping toward $60. The current crude price is still less than half of what it was in 2014.

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

Chevron Corp. (NYSE: CVX) saw its short interest increase slightly to 22.94 million shares from the previous reading of 22.89 million. The shares were last seen trading at $120.34, in a 52-week trading range of $102.55 to $122.30.

Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased slightly to 32.78 million shares from the previous 32.86 million. The stock traded at $83.24, within a 52-week range of $76.05 to $93.22.

[nativounit]

BP PLC (NYSE: BP) short interest decreased to 5.95 million shares from the previous reading of 7.10 million. Shares traded at $40.74, in a 52-week range of $33.10 to $41.55.

The number of ConocoPhillips (NYSE: COP) shares short decreased to 23.93 million from the previous level of 25.88 million. Shares were trading at $51.85, within a 52-week range of $42.27 to $54.22.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 46.57 million shares from the previous 49.35 million. The stock traded at $9.66 a share, in a 52-week range of $7.61 to $11.71. 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 10.13 million shares from the previous reading of 8.97 million. Shares recently traded at $69.88, in a 52-week range of $57.20 to $73.51.

[recirclink id=430863]

[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.