Short Sellers Grow More Selective on Major Oil
The February 15 short interest data have been compared with the previous figures, and short interest moves in these selected big oil stocks were mixed.
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Crude oil was trading right around $57 a barrel early on Thursday. Over the past month, crude has fluctuated, ranging from $52 to $57 a barrel but following the markets higher for the most part. However, it is worth pointing out that the current crude price still pales in comparison to what it was in 2014.
The February 15 short interest data have been compared with the previous figures, and short interest moves in these selected big oil stocks were mixed.
Chevron Corp. (NYSE: CVX | CVX Price Prediction) saw its short interest decrease to 16.93 million shares from the previous reading of 17.32 million. The shares were trading at $118.69 early Tuesday, in a 52-week range of $100.22 to $131.08.
Short interest in Exxon Mobil Corp. (NYSE: XOM) rose to 30.86 million shares from the previous level of 26.80 million. The stock traded at $75.04, within a 52-week range of $64.65 to $87.36.
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BP PLC (NYSE: BP) short interest increased to 8.82 million shares from the previous level of 7.04 million. Shares traded at $42.56, in a 52-week range of $36.28 to $47.83.
The number of ConocoPhillips (NYSE: COP) shares short decreased to 10.58 million from the previous 10.90 million. Shares were trading at $68.09, within a 52-week range of $52.54 to $80.24.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, rose to 27.58 million shares from the previous 27.11 million. The stock traded at $15.96 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 decreased to 10.54 million shares from the previous reading of 12.07 million. Shares recently traded at $66.16, in a 52-week range of $56.83 to $87.67.
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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.
