Key Changes in Short Interest for Major Oil Stocks

Short interest data for major oil stocks were released for the mid-September settlement date. Investors appeared to be shying away from shorting these oil companies, with the exception of BP. Crude oil prices have only increased slightly since the last short interest settlement date in August.

BP PLC (NYSE: BP) saw its short interest for September 15 rise to 11.8 million shares, with 1.00 day to cover, from the previous reading of 6.7 million. This is roughly double, if not more than, any of the short interest readings from as far back as March. These short interest levels are the high on the year. The stock has been trading toward the lower end of its 52-week trading range, which is $41.30 to $53.48.

Chevron Corp. (NYSE: CVX) saw its short interest for September 15 fall to 17 million shares, with 2.97 days to cover, from the previous level of 20 million. The short interest is retreating to a lower level from its high readings in late August and June, which were highs on the year of more than 20 million. The stock has a 52-week range of $109.27 to $135.10. As annual highs in the share price were reached in July, short interest peaked and a seeming recovery in late August demanded the other spike.

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ConocoPhillips (NYSE: COP) saw its short interest for the mid-September settlement date down slightly to 22.8 million shares, with 4.38 days to cover. The August readings were 23.6 million shares for the 30th and 22.9 million for the 15th. As we have seen in other major oil companies, short interest spiked to a high in late June of 26.1 million and has since flattened out. The 52-week trading range for this stock is $62.74 to $87.09.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest for the September 15 settlement date at 40.7 million shares, with 4.08 days to cover, down from the previous level of 46.5 million. Highs for the short interest in Exxon were seen at 56.9 million in January. Since then, short interest has on reached highs of roughly 53 million. Also the short interest readings have held consistently below 50 million since July. The highest annual readings on the stock price where between June and July, and 52-week trading range is $84.79 to $104.76.

Occidental Petroleum Corp. (NYSE: OXY) saw its short interest for September fall to 7.5 million shares, with 2.01 days to cover, from the previous level of 8.4 million. The yearly high for short interest was posted in April at 11.1 million. Since that spike, short interest has remained consistently within the range of roughly 7 million to 9 million. The 52-week trading range for this stock is $85.90 to $105.64.

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Petróleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest for early September fall to 28.5 million shares, with 1.00 day to cover, from the previous level of 29.2 million. August had short interest levels of 29.2 million shares for the late settlement date and 23.8 million mid-month. Short interest this year has been very volatile for Petrobras, ranging from 16.9 million in October to 66.4 million in March. The stock’s 52-week trading range is $10.20 to $20.94, reaching its annual high in early September.

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