Short Sellers Run for Cover on Major Oil Stocks
The February 28 short interest data have been compared with the previous figures, and short interest in most of these selected big oil stocks decreased.
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Crude oil was trading right around $57 a barrel early on Tuesday. Over the past month, crude has fluctuated, ranging from $53 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 28 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 | CVX Price Prediction) saw its short interest decrease to 15.86 million shares from the previous reading of 16.93 million. The shares were trading at $123.62 early Tuesday, in a 52-week range of $100.22 to $131.08.
Short interest in Exxon Mobil Corp. (NYSE: XOM) rose to 32.26 million shares from the previous level of 30.86 million. The stock traded at $79.78, within a 52-week range of $64.65 to $87.36.
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BP PLC (NYSE: BP) short interest decreased to 5.11 million shares from the previous level of 8.82 million. Shares traded at $42.33, in a 52-week range of $36.28 to $47.83.
The number of ConocoPhillips (NYSE: COP) shares short increased to 11.52 million from the previous 10.58 million. Shares were trading at $65.87, within a 52-week range of $53.38 to $80.24.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased to 24.15 million shares from the previous 27.58 million. The stock traded at $15.87 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 10.39 million shares from the previous reading of 10.54 million. Shares recently traded at $63.88, in a 52-week range of $56.83 to $87.67.
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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.
