Short Sellers Increase Bets on Falling Oil
It just so happens that some of the latest short interest readings for major oil companies are backing off highs, while others are pushing on new highs.
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The short interest data have been released for the July 31 settlement date. It just so happens that some of the latest short interest readings for major oil companies are backing off highs, while others are pushing on new highs.
The July 31 short interest data have been compared with the previous figures, and short interest for some of the selected stocks is up.
Chevron Corp. (NYSE: CVX) saw its short interest increase to 18.12 million shares from the previous reading of 17.17 million. Shares closed Tuesday at $85.78, in a 52-week trading range of $82.89 to $129.53.
Exxon Mobil Corp. (NYSE: XOM) saw its short interest rise to 42.26 million shares from the previous level of 41.37 million. Shares closed Tuesday at $77.49, within a 52-week trading range of $76.33 to $100.31.
BP PLC’s (NYSE: BP) short interest increased to 8.75 million shares, from its previous reading of 8.26 million. Shares closed Tuesday at $36.05, in a 52-week trading range of $34.88 to $48.60.
ConocoPhillips (NYSE: COP) saw the number of its shares short decrease slightly to 28.21 million from the previous level of 28.39 million. Note that the most recent short interest readings back to December are at an elevated level compared to the other half of the 52-week range. Shares closed Tuesday at $50.40, within a 52-week trading range of $48.33 to $81.47.
Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest rise to 139.56 million shares from its previous reading of 138.17 million. Shares closed Tuesday at $6.25, in a 52-week trading range of $4.90 to $20.94. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its woes in Brazil.
Occidental Petroleum Corp. (NYSE: OXY) short interest decreased to 9.92 million shares from the previous reading of 10.43 million. Shares closed most recently at $71.48, in a 52-week trading range of $67.30 to $100.27.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
