Short Sellers Run for Cover From Major Oil Stocks

Energy

Published: December 12, 2016 8:40 am

Last Updated: January 12, 2020 4:52 pm

The short interest data have been released for the November 30 settlement date. After the election was decided with the Republican candidate taking the White House, short interest for major oil stocks is now more important than ever to follow. Crude oil has recovered to around the $55 level, which is a step in the right direction, but still this is 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 the selected oil stocks decreased across the board.

Chevron Corp. (NYSE: CVX) saw its short interest decrease to 36.52 million shares from the previous reading of 37.00 million. The shares closed Friday at $115.81, in a 52-week trading range of $75.33 to $115.99.

Exxon Mobil Corp. (NYSE: XOM) had short interest that fell to 42.12 million shares from the previous 45.02 million. The stock closed Friday at $89.00, within a 52-week range of $71.55 to $95.55.

BP PLC (NYSE: BP) short interest decreased to 9.79 million shares from the previous reading of 10.03 million. Shares closed Friday at $36.01, in a 52-week range of $27.01 to $37.28.

ConocoPhillips (NYSE: COP) saw the number of its shares short decrease to 16.35 million from the previous level of 18.38 million. Shares closed Friday at $50.77, within a 52-week range of $31.05 to $51.06.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest decrease to 63.01 million shares from the previous 72.45 million. The stock closed Friday at $10.84 a share, in a 52-week range of $2.71 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 12.59 million shares from the previous reading of 15.12 million. Shares closed most recently at $70.58, in a 52-week range of $58.24 to $78.48.

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