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.
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