Oil prices made a slight recovery recently but overall the industry has been kicked in the teeth, 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 January 30 settlement date.

Chevron Corp. (NYSE: CVX) saw its short interest back off its 52-week high of 23.0 million shares, with 2.2 days to cover. The previous reading was 24.0 million, with 2.3 days to cover. The last time short interest was even close to this level was in late August at 20.3 million. Shares closed Tuesday at $110.18, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest decrease 11% to one of the lower levels on the year of 39.5 million shares, with 2.4 days to cover. The last reading for short interest was 44.2 million with 2.7 days to cover. This reading is one of four in the past year that was below the 40 million mark. Shares closed Tuesday at $91.01, within a 52-week trading range of $86.03 to $104.76.

BP PLC (NYSE: BP) saw its short interest jump to its highest level of the year at 12.8 million, with 1.4 days to cover, compared to the previous reading of 11.5 million shares and 1.2 days to cover. Short interest was last at this elevated level at the mid-August settlement date. Shares closed Tuesday at $40.65, 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 third highest level on the year of 32.5 million, with 3.9 days to cover. The last reading was 34.4 million, with 3.3 days to cover. Prior to the past three readings, short interest generally remained within the range of 20 million to 24 million. Shares closed Tuesday at $67.99, within a 52-week trading range of $60.64 to $87.09.

Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest fall from its 52-week high to 100.0 million shares, with 2.2 days to cover. The previous level was 108.6 million, with 2.4 days to cover. The current short interest level is roughly four times larger than it was a year ago. Shares closed Tuesday at $6.23, 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) saw its short interest increase to 11.8 million shares, with 2.1 days to cover. The previous reading was 11.1 million shares, with 1.8 days to cover. The level for the December 31 settlement date was 12.5 million, with 2.0 days to cover, which was the highest reading on the year. The current level is the second highest on the year, and the past three readings also top the list. Shares closed Tuesday at $81.31, in a 52-week trading range of $72.32 to $101.38.

ALSO READ: Short Interest in Apple Drops 3.4 Million Shares

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