Major Oil Stocks Scare Off Short Sellers

By Chris Lange Updated Mar 13, 5:31PM EDT · Published Apr 11, 9:15AM EDT

Major Oil Stocks Scare Off Short Sellers — © Thinkstock

Crude oil is back above $66 a barrel after suffering through a rough March, and before this oil had not been at this price level in over two years. We saw crude actually tack on about a 3% gain earlier this week, begging the question of whether the $70 price level is just around the corner. Recent Middle East tensions have helped push the price higher as well. The current crude price still pales in comparison to what it was in 2014.

The March 29 short interest data have been compared with the previous figures, and short interest in most of these selected big oil stocks decreased.

Chevron Corp. (NYSE: CVX) saw its short interest decrease to 21.92 million shares from the previous reading of 24.23 million. The shares were last seen trading at $118.85, in a 52-week range of $102.55 to $133.88.

[nativounit]

Short interest in Exxon Mobil Corp. (NYSE: XOM) retreated to 31.25 million shares from the previous 34.26 million. The stock traded at $77.07, within a 52-week range of $72.16 to $89.30.

BP PLC (NYSE: BP) short interest fell to 5.36 million shares from the previous reading of 6.21 million. Shares traded at $42.78, in a 52-week range of $33.83 to $44.62.

The number of ConocoPhillips (NYSE: COP) shares short rose to 23.91 million from the previous level of 22.65 million. Shares were trading at $62.34, within a 52-week range of $42.27 to $63.00.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 31.85 million shares from the previous 37.31 million. The stock traded at $14.01 a share, in a 52-week range of $7.61 to $14.93. 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 9.91 million shares from the previous reading of 10.28 million. Shares recently traded at $70.51, in a 52-week range of $57.20 to $78.09.

[recirclink id=455851]

[wallst_email_signup]

Follow 24/7 Wall St. on Google

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.