Crude oil had traded above $50 a barrel in the first quarter of this year, and finally it’s back to that magic number. The price has held relatively steady at this level, and it’s steadily creeping toward $60. The current crude price is still 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 October 13 short interest data have been compared with the previous figures, and short interest for the selected big oil stocks decreased.
Chevron Corp. (NYSE: CVX) saw its short interest decrease to 27.00 million shares from the previous reading of 28.23 million. The shares were last seen trading at $119.30, in a 52-week trading range of $99.87 to $120.89.
Short interest in Exxon Mobil Corp. (NYSE: XOM) decreased to 36.35 million shares from the previous 37.93 million. The stock traded at $83.55, within a 52-week range of $76.05 to $93.22.
BP PLC (NYSE: BP) short interest decreased to 8.56 million shares from the previous reading of 9.34 million. Shares traded at $39.00, in a 52-week range of $32.53 to $39.48.
The number of ConocoPhillips (NYSE: COP) shares short decreased slightly to 32.14 million from the previous level of 32.68 million. Shares were trading at $50.60, within a 52-week range of $41.13 to $53.17.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 31.76 million shares from the previous 34.83 million. The stock traded at $10.40 a share, in a 52-week range of $7.61 to $12.42. 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 slightly to 9.05 million shares from the previous reading of 9.26 million. Shares recently traded at $66.15, in a 52-week range of $57.20 to $74.89.