Energy

Major Oil Short Interest Crumbles as Oil Reaches $50

Chris Lange

Published: August 10, 2017 8:30 am

Last Updated: January 12, 2020 9:16 am

Crude oil had traded above $50 a barrel before early March. Since then it took a big step back — but now it’s 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.

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 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 23.98 million shares from the previous reading of 22.84 million. The shares were last seen trading at $110.89, in a 52-week range of $97.53 to $119.00.

Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 36.19 million shares from the previous 33.04 million. The stock was trading at $80.21, within a 52-week range of $78.27 to $93.22.

BP PLC (NYSE: BP) short interest decreased to 10.32 million shares from the previous reading of 12.25 million. Shares were recently at $36.16, in a 52-week range of $32.53 to $38.68.

The number of ConocoPhillips (NYSE: COP) shares short decreased to 30.52 million from the previous level of 31.48 million. Shares were trading at $45.65, within a 52-week range of $39.00 to $53.17.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 47.45 million shares from the previous 60.27 million. The stock traded at $8.85 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 10.15 million shares from the previous reading of 10.87 million. Shares recently traded at $61.66, in a 52-week range of $57.20 to $78.48.

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