RE:SGY have a very tiny short position.The bi-weekly final position report belies how much churning has been going on. Your chart of this data shows that the short position drops by 4.2M shares at mid-May; goes up a bit at end month, and is tapering off again by mid-month. But combine this with the data in the corresponding short sale reports. From mid-May until mid-Jun the volume of short trading (both selling and covering) to arrive at the end state position numbers was huge: almost 7 in 10 shares of the TMX volume of 27M shares traded was this trade of the washing among the short sellers. Something that was a significant factor in keeping the stock price bound.
OTC daily short data (wish Canadians could be trusted to see similar; rather than be limited to the bi-monthly snapshots) suggests that this pace was sustained; and there was still short selling of Surge on the OTC yesterday!
With the current market, and after this week's news, the end of the month data will be very interesting.