Energy
Rising Oil Prices Push Short Sellers Out of Major Oil Stocks
Published:
Last Updated:
Since Trump has taken the White House, crude oil had traded above $50 a barrel until early March. This level was once thought as a support level, but after crude dropped by over 5%, this has been called into question. Although, following recent geopolitical tensions in the Syria, crude oil is back over the $50 mark and appears to be holding steady. Former Exxon CEO Rex Tillerson is also Secretary of State, which 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.
Although the current crude price is still this is less than half of what it was in 2014, the prospects for this industry are promising.
The March 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 decrease to 20.89 million shares from the previous reading of 24.01 million. The shares were last seen at $108.97, in a 52-week trading range of $95.52 to $119.00.
Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 26.59 million shares from the previous 28.84 million. The stock was trading at $82.84, within a 52-week range of $80.31 to $95.55.
BP PLC (NYSE: BP) short interest increased to 14.88 million shares from the previous reading of 14.09 million. Shares were recently at $35.37, in a 52-week range of $29.98 to $38.68.
The number of ConocoPhillips (NYSE: COP) shares short decreased slightly to 15.74 million from the previous level of 15.87 million. Shares were trading at $50.15, within a 52-week range of $38.80 to $53.17.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 39.24 million shares from the previous 42.63 million. The stock traded at $9.73 a share, in a 52-week range of $5.45 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 15.37 million shares from the previous reading of 16.11 million. Shares were recently at $64.98, in a 52-week range of $61.01 to $78.48.
Take This Retirement Quiz To Get Matched With A Financial Advisor (Sponsored)
Take the quiz below to get matched with a financial advisor today.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the
advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Take the retirement quiz right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
