The short interest data have been released for the May 15 settlement date. It just so happens that some of the latest short interest readings for major oil companies are backing off these highs. As a whole, it appears that as oil prices continue to rise, investors are becoming more optimistic and short sellers are backing off.

The May 15 short interest data have been compared with the previous figures, and for the selected stocks, short interest is down.

Chevron Corp. (NYSE: CVX) saw its short interest continue to decrease to 17.22 million shares from the previous reading of 19.0 million. The past five readings have been the highest short interest for the past year, until these last couple of readings dropped off from that level. Shares closed Wednesday at $103.11, in a 52-week trading range of $98.88 to $135.10.

Exxon Mobil Corp. (NYSE: XOM) saw its short interest fall to 33.4 million shares from the previous level of 37.1 million. Shares closed Wednesday at $86.11, within a 52-week trading range of $82.68 to $104.76.

BP PLC (NYSE: BP) short interest fell slightly to 10.4 million shares from its previous reading of 10.6 million. Some of its most recent readings are the highest on its 52-week trading range, excluding a spike in September. However, it looks like short interest is beginning to back off of these highs. Shares closed Wednesday at $41.79, in a 52-week trading range of $34.88 to $53.48.

ConocoPhillips (NYSE: COP) saw the number of its shares short decrease only slightly to 24.58 million from the previous level of 24.9 million. Note that the most recent short interest readings back to December are at an elevated level compared to the other half of the 52-week range. Shares closed Wednesday at $63.82, within a 52-week trading range of $60.57 to $87.09.

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Petroleo Brasileiro S.A. (NYSE: PBR), or Petrobras, saw its short interest fall to 121.7 million from its previous reading of 133.2 million shares. The current short interest level is roughly three or four times larger than it was a year ago. Shares closed Wednesday at $8.60, 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 dropped to 6.95 million shares from the previous reading of 9.2 million. Shares closed most recently at $76.82, in a 52-week trading range of $71.70 to $101.38.

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