Oil prices are continuing to make 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 latest 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 March 13 settlement date.

Chevron Corp. (NYSE: CVX) saw its short interest increase to 23.0 million shares, near a 52-week high, with 3.1 days to cover. The previous reading was 22.8 million, with 3.4 days to cover. The most recent three readings have been the highest short interest for the past year. Shares closed Tuesday at $104.20, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest increase to 44.4 million shares, with 3.1 days to cover. The previous reading for short interest was 42.3 million, with 3.0 days to cover. Shares closed Tuesday at $84.52, within a 52-week trading range of $82.68 to $104.76.

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BP PLC (NYSE: BP) short interest increased to one of its highest levels in the past 52 weeks, 11.9 million, with 1.7 days to cover. The most recent six readings are the highest on the 52-week range, excluding a spike in September. Shares closed Tuesday at $39.51, in a 52-week trading range of $34.88 to $53.48.

ConocoPhillips (NYSE: COP) saw the number of its shares short increase to one of its highest levels on the year, 31.8 million, with 4.7 days to cover. However, these most recent five readings have been some of the highest on the 52-week range. The last reading was 30.1 million, with 4.1 days to cover. Prior to these readings, short interest generally remained within the range of 20 million to 24 million. Shares closed Tuesday at $62.55, within a 52-week trading range of $60.57 to $87.09.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest rise to 109.9 million shares, with 2.7 days to cover. The previous level was 99.9 million, with 2.6 days to cover. The current short interest level is roughly four, maybe five, times larger than it was a year ago. Shares closed Tuesday at $5.88, in a 52-week trading range of $4.90 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 11.3 million shares, with 2.7 days to cover. The previous reading was 10.0 million shares, with 2.5 days to cover. The mid-February reading of 12.9 million shares was the highest for the past 52 weeks. Shares closed Tuesday at $72.45, in a 52-week trading range of $71.70 to $101.38.

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