Shorts on Oil Cos Rising: Oil Price Heading Down?

by: Data Explorers

The short base for Neste Oil Corporation (OTC:NTOIF) (as measured by Percent Shares Outstanding On Loan) has risen 1.43% over the past week and now stands at 4.3% which is a new 52 week high. Over the past month, the short base for the stock has risen 19.61%. Other oil companies are also seeing an increase in short base, even as the price of crude has rallied over the past three months, Exxon (NYSE:XOM) is 0.4% up 4.4%, Marathon Oil Corp (NYSE:MRO) is 0.6% up 43%, and Imperial Oil (NYSEMKT:IMO) 0.46% up 21%. Overall the short base in these companies is relatively low, but the fact they are increasing could point to a lack of confidence in the price of oil.

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