Oil prices made a slight recovery on the last short interest report, but it seems that the industry has slid back, and common sense would say that short sellers have made huge bets and boatloads of money as the stocks and commodities around the oil patch have suffered. It just so happens that the current short interest readings are continuing to push new highs for the most recent settlement date. It would appear that investors who were more bearish on oil made the right bet for the February 13 settlement date.

Chevron Corp. (NYSE: CVX) saw its short interest increase to a 52-week high of 24.4 million shares, with 2.8 days to cover. The previous reading was 23 million, with 2.2 days to cover. The most recent three readings have been the highest short interest for the past year. Shares closed Wednesday at $108.58, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest increase to 43.7 million shares, with 2.9 days to cover. The last reading for short interest was 39.5 million, with 2.4 days to cover. Shares closed Wednesday at $89.60, within a 52-week trading range of $86.03 to $104.76.

BP PLC (NYSE: BP) short interest remained flat at its highest level in the past 52-weeks, 12.8 million, with 1.4 days to cover. The most recent five readings are the highest on the 52-week range, excluding a spike in September. Shares closed Wednesday at $41.91, in a 52-week trading range of $34.88 to $53.48.

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ConocoPhillips (NYSE: COP) saw the number of its shares short fall slightly to its fifth highest level on the year of 30.5 million, with 3.1 days to cover. However, these most recent five readings have been the highest on the 52-week range. The last reading was 32.5 million, with 3.9 days to cover. Prior to these past five readings, short interest generally remained within the range of 20 million to 24 million. Shares closed Wednesday at $67.53, within a 52-week trading range of $60.64 to $87.09.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest increase to its 52-week high of 115.0 million shares, with 2.2 days to cover. The previous level was 100.0 million, with 2.2 days to cover. The current short interest level is roughly four times larger than it was a year ago. Shares closed Wednesday at $6.49, in a 52-week trading range of $5.79 to $20.94. Unfortunately, Petrobras may be trading on an entirely different set of fundamentals and sentiment due to its woes in Brazil.

Occidental Petroleum Corp. (NYSE: OXY) short interest increased to 12.9 million shares, with 2.2 days to cover. The previous reading was 11.8 million shares, with 2.1 days to cover. The level for the December 31 settlement date was 12.5 million, with two days to cover, which is now the second highest reading for the past 52-weeks after the current reading. Shares closed Wednesday at $80.21, in a 52-week trading range of $72.32 to $101.38.

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