The short interest data from the May 30 settlement date is out, and we are witnessing some big changes in the bets against big oil companies. Even with some drops in the short interest, what remains in play is that there is an elevated short interest trend still in place in the sector. Crude oil was closer to $100 in mid-May, but now crude oil is challenging $105.

24/7 Wall St. has looked at the top oil and gas companies and seen some significant changes in the short interest in the sector. We have compared the May 30 results to the May 15 results, and we have added color if applicable.

BP PLC (NYSE: BP) may seem like it has low short interest due to it only being 3.946 million shares at the end of May, and this is up only about 1% from the 3.906 million shares short in mid-May. Still, the last report was up 7% from the 3.65 million shares short at the end of April. The thing to consider is that short sellers have to pay that 4.6% dividend yield, which is higher than most oil and gas companies by far.

Chevron Corp. (NYSE: CVX) saw its short interest rise by more than 8% to 18,546,277 shares at the end of May, versus 17,102,864 shares in mid-May. This was still extremely elevated for 2014, as that short interest is up about 30% this year.

ConocoPhillips (NYSE: COP) saw its short interest rise by 5% to 22,875,838 shares short at the end of May, up from what was already a 2.6% gain in the short interest to 21,794,576 shares in mid-May. This was the highest short interest reading of 2014.

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Exxon Mobil Corp. (NYSE: XOM) witnessed a 4.1% decline in shares short to 48.2 million at the end of May, versus 50.272 million shares in mid-May. This had seen a 5% decline in its short interest in the prior report. Still, the six days to cover remains high and the short interest remains elevated compared to 2013.

Occidental Petroleum Corp. (NYSE: OXY) is often forgotten about among the major oil companies, even though it has a market cap of nearly $80 billion. Occidental’s short interest had already fallen by 6% in mid-May, but the decline at the end of May was down to 8,036,426 shares — a drop of 20% from the mid-May short interest of 10,040,263 shares. Its short interest still remains elevated in 2014 versus 2013.

Petróleo Brasileiro S.A. –(NYSE: PBR), or Petrobras, saw a drop of another 5.2% in its short interest, down to 32,351,350 shares at the end of May from 34,120,262 shares short in mid-May. This short interest is now almost half of what it was at the end of March. Perhaps this is as the ADS has risen nearly 50% from its bottom in mid-March. Short sellers can only stomach so much pain, particularly when you consider that short sellers can ultimately face unlimited downside. What is interesting is that there was a big increase in the short interest against the Petrobras preferred shares.

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