SU short position reduced by $4.35 billionThe Sept 15th short positions have been posted:
https://shortdata.ca/largest-short-positions
From August 31st to Sept 15th, the dollar value of short positions for SU dropped from $5.204 billion to $0.849 billion.
That is a lot of short covering over the past two weeks and leaves minimal shorts still in the game.
What does it mean?
One can never be sure, but SHORTS are sophisticated and they are typically incredibly well organized.
If I had to make a guess, it would be that the shorts know (or strongly expect) what is about to happen next and are getting out of the way before getting positioned for the next run up.
I don't follow the options market, but my hope is that Migraine will keep us informed of when the pros begin to turn bullish. There are only six weeks left before the draining of the SPR ends. I don't expect that the pros will wait until the last minute before they begin putting on heavy call options but I'm not sophisticated in that world at all.