Since Trump has taken the White House, crude oil had been trading above $50 a barrel until this week. This level was once thought as a support level, but after crude dropped by over 5% on Wednesday more has been called into question. Former Exxon CEO Rex Tillerson is also Secretary of State, which could prove to be beneficial for the oil industry. Considering this, short interest for major oil stocks is now more important than ever to follow.
Although the current crude price is still this is less than half of what it was in 2014, the prospects for this industry are promising.
The February 28 short interest data have been compared with the previous figures, and short interest moves for most of the selected oil stocks were downward.
Chevron Corp. (NYSE: CVX) saw its short interest decrease to 22.51 million shares from the previous reading of 24.41 million. The shares were last seen at $110.04, in a 52-week trading range of $92.25 to $119.00.
Short interest in Exxon Mobil Corp. (NYSE: XOM) increased to 31.14 million shares from the previous 29.32 million. The stock was trading at $81.67, within a 52-week range of $80.31 to $95.55.
BP PLC (NYSE: BP) short interest decreased to 15.12 million shares from the previous reading of 16.06 million. Shares were recently at $33.50, in a 52-week range of $28.67 to $38.68.
The number of ConocoPhillips (NYSE: COP) shares short decreased to 13.22 million from the previous level of 16.40 million. Shares were trading at $46.48, within a 52-week range of $38.19 to $53.17.
Short interest at Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, decreased slightly to 43.53 million shares from the previous 43.87 million. The stock traded at $9.26 a share, in a 52-week range of $4.60 to $12.56. 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 15.70 million shares from the previous reading of 14.91 million. Shares were recently at $62.50, in a 52-week range of $61.01 to $78.48.