Oil tanker transit through the Strait of Hormuz is threatened as Iran declares it will retaliate to recent U.S. attacks on its nuclear platforms.
Short Interest Rising
Worldwide oil sector short interest is $96.5 billion and increased by $6.6 billion over the last thirty days even though shorts were squeezed into buying-to-cover due to mark-to-market losses. Chevron (CVX US), Exxon Mobil (XOM US) & Canadian Natural Resources (CNQ US) are the largest shorts in the sector.
Short MTM Losses Increasing
Short sellers are down -$8.3 billion, -8.4%, over the last thirty days. 88% of every dollar shorted in the sector has been unprofitable. Chevron (CVX US), Exxon Mobil (XOM US) and ENI SPA (ENI IM) were the most unprofitable recent shorts. Texas Pacific Land (TPL US), Able Offshore (SOC US) & TC Energy (TRP CN) were the most profitable shorts.
Largest Recent Short Selling\Covering
With the price of crude in flux, stock prices in this sector can move in either direction. We saw the most recent short selling in Petrobras (PETR4 BZ), Enbridge (ENB CN) & Canadian Natural Resources (CNQ US) and short covering in Enbridge (ENB US), BP PLC (BP/ LN) &ENI SPA (ENI IM).
W.W. Oil Sector
Ticker
SI % Float
Short Interest
30D Shs Shorted
CHEVRON CORP
CVX US
3.64%
$9,503,013,874
($284,381,667)
EXXON MOBIL CORP
XOM US
1.03%
$5,071,775,696
($15,342,068)
CANADIAN NATURAL RESOURCES LTD
CNQ US
3.53%
$2,413,078,887
$421,562,217
ENI SPA
ENI IM
7.48%
$2,405,453,594
($463,092,347)
EOG RESOURCES
EOG US
2.97%
$2,024,192,576
$122,039,576
PETROBRAS - PETROLEO BRASILEIRO
PETR4 BZ
7.38%
$1,949,563,787
$582,951,455
VALERO ENERGY CORP
VLO US
4.22%
$1,855,632,627
$26,145,796
ENBRIDGE INC
ENB CN
1.80%
$1,762,213,969
$517,405,218
CONOCOPHILLIPS
COP US
1.45%
$1,733,829,483
($101,667,127)
SUNCOR ENERGY
SU US
3.44%
$1,696,206,009
$195,330,379
TEXAS PACIFIC LAND CORP
TPL US
6.75%
$1,679,109,522
$117,389,076
TOTALENERGIES SE
TTE FP
1.39%
$1,652,926,079
$308,384,591
OCCIDENTAL PETROLEUM CORP
OXY US
3.63%
$1,621,833,615
$103,679,091
SHELL PLC
SHEL LN
0.74%
$1,552,465,291
$139,931,187
SHELL PLC
SHELL NA
0.73%
$1,549,510,980
$136,810,882
HESS CORP
HES US
3.70%
$1,539,014,433
$138,403,046
MARATHON PETROLEUM CORP
MPC US
2.97%
$1,536,617,386
($15,451,847)
TC ENERGY CORP
TRP CN
3.06%
$1,509,079,358
($6,744,956)
IMPERIAL OIL LTD
IMO US
11.59%
$1,452,456,835
($25,816,979)
ENBRIDGE INC
ENB US
1.45%
$1,411,681,484
($1,353,739,657)
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