Exxon Short Interest Drops

By Douglas A. McIntyre Published Apr 22, 6:30PM EDT

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On the way to being up 25% over the last year, ExxonMobil (XOM) paused. In mid-December, the stock hit $79. By mid-March, it was below $70. But, that was short-lived. The shares now change hands just below. $80.

Earnings for the big oil companies were a bit off in Q4, primarily due to a drop in the price of oil in the second half of last year. But, oil is back above $63.

Short interest in Exxon dropped from 58.1 million shares in March to 49.8 million shares in April. The shorts appear to have been smart to get out of the way.

There is clearly some sentiment that oil is going to continue to push upward as the summer driving season approaches and demand does not seem to be abating here or in other large markets like China.

Great news for Exxon until the well runs dry.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.