Stocks: (XOM)(COP)(CVX)
Between November and December, the short interest in Exxon rose 5.9 million shares to 58.5 million. Over at Chevron, shares short were up 5.1 million to 32.6 million. At Conoco shares short went up 4.5 million to 19.6 million.
Seems like a pattern.
All of the stock are up a ton. But, with a 70% price increase over the last two years, Exxon takes the cake. The stock now trades at over $74.
Falling oil prices and warm weather may be encouraging shorts to move into Exxon and other big oils. If winter weather continues to stay mild, demand is simply going to stay down. Global warming is not exactly the friend of the oil companies.
OPEC’s plan to cuts production also did not move oil off its $62 price much. It may be that supplies are just too large now.
Douglas A. McIntyre can be reached at [email protected]. He does not own securities in companies that he writes about.
Sponsored: Attention Savvy Investors: Speak to 3 Financial Experts – FREE
Ever wanted an extra set of eyes on an investment you’re considering? Now you can speak with up to 3 financial experts in your area for FREE. By simply
clicking here you can begin to match with financial professionals who can help guide you through the financial decisions you’re making. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Editors' Picks
