Short sellers zeroed in on energy stocks last month as oil prices soared, betting that crude above $100-a-barrel would be short-lived phenomenon, according...
Short sellers zeroed in on energy stocks last month as oil prices soared, betting that a move by crude above $100 a barrel would be a short-lived phenomenon, according to data compiled by S&P Global Intelligence.
Short interest in energy stocks climbed nearly 70 basis points, or 0.7 percentage point, since the end of November 2021 to 3.7% at the end of February — the highest since November 2020, the research company said in a Wednesday note. That compares with short interest in overall S&P 500 SPX companies at 2.19%, up 14 basis points since the end of 2021 .
Oil prices fell back hard this week, with crude falling more than 20% from its March 8 highs to meet the technical definition of a bear market, as investors assessed negotiations between Kyiv and Moscow and sweeping COVID-19 lockdowns in China which may lower demand. Crude remains up 29% for the year to date.
Short sellers had focused heavily on oil and gas refining and marketing companies, S&P Global Market Intelligence said, with short interest in those stocks averaging 7.3% at the end of February, surpassing short interest for other industry subgroups in the energy sector.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks sway lower and crude oil slides closer to $100 a barrelStocks lost more ground, crude oil prices fell and bond yields rose sharply Monday as anxiety over the war in Ukraine and an upcoming Federal Reserve meeting on interest rates keep global financial markets on edge.
Read more »
China stocks lead Asian markets mostly lower, while oil prices fall under $100 a barrelStocks were mostly lower in Asia and oil prices fell Tuesday after another day of losses on Wall Street as anxiety over the war in Ukraine and an upcoming...
Read more »
LTC/USD Forecast: Litecoin Continues to Threaten $100Litecoin initially tried to rally on Monday but then gave back the gains to show signs of hesitation.
Read more »
WTI plummets though clings to the $100 mark amid a mixed-moodThe US crude oil benchmark plunged on a “somewhat” improvement on risk sentiment and dropped earlier back under the $100 mark for the first time in tw
Read more »
Amazon has Apple's AirPods Max discounted by a rare $100 in all five colorsApple's extravagant AirPods Max headphones with active noise cancellation are currently on sale at a hefty discount in green, pink, silver, blue, and gray hues.
Read more »