Crude oil had traded above $50 a barrel before early March. Afterward it took a big step back. It recently was above $50 but quickly recoiled. 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 August 15 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 26.04 million shares from the previous reading of 23.98 million. The shares were last seen trading at $107.90, in a 52-week range of $97.53 to $119.00.
Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 35.15 million shares from the previous 36.19 million. The stock was trading at $76.75, within a 52-week range of $76.05 to $93.22.
BP PLC (NYSE: BP) short interest decreased to 8.55 million shares from the previous reading of 10.32 million. Shares were recently near $34.40, in a 52-week range of $32.53 to $38.68.
The number of ConocoPhillips (NYSE: COP) shares short decreased to 33.43 million from the previous level of 30.52 million. Shares were trading at $43.45, within a 52-week range of $39.00 to $53.17.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 41.78 million shares from the previous 47.45 million. The stock traded just below $9.20 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 9.99 million shares from the previous reading of 10.15 million. Shares recently traded at $59.15, in a 52-week range of $57.20 to $78.48.
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