Energy

Short Sellers Hike Bets in Major Oil Stocks

Chris Lange

Published: December 12, 2018 10:15 am

Last Updated: March 13, 2020 6:17 pm

Crude oil was trading right around $52 a barrel early on Wednesday. Over the past month, crude has been down sharply, following the markets lower for the year. However, it is worth pointing out that the current crude price still pales in comparison to what it was in 2014.

The November 30 short interest data have been compared with the previous figures, and short interest in most of these selected big oil stocks increased.

Chevron Corp. (NYSE: CVX) saw its short interest increase to 18.44 million shares from the previous reading of 17.45 million. The shares were last seen trading at $116.76, in a 52-week range of $108.02 to $133.88.

Short interest in Exxon Mobil Corp. (NYSE: XOM) fell to 27.75 million shares from the previous level of 28.04 million. The stock traded at $77.54, within a 52-week range of $72.16 to $89.30.

BP PLC (NYSE: BP) short interest increased to 5.96 million shares from the previous level of 5.42 million. Shares traded at $39.67, in a 52-week range of $36.15 to $47.83.

The number of ConocoPhillips (NYSE: COP) shares short rose slightly to 11.82 million from the previous 11.64 million. Shares were trading at $66.64, within a 52-week range of $50.18 to $80.24.

Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 32.88 million shares from the previous 40.60 million. The stock traded at $13.91 a share, in a 52-week range of $9.02 to $17.20. 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 increased to 16.80 million shares from the previous reading of 14.05 million. Shares recently traded at $66.11, in a 52-week range of $62.47 to $87.67.

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