Italian Oil Company has Large Increase in Short Position, Looks Crowded

ENI holds the largest short position in the Euro Stoxx, measured by both notional dollar value and short interest % of float. Its short interest notional stands at $3.8 billion, with a short interest % of float at 10.8%.

ENI also shows the largest increase in short interest—both in raw notional value and percentage growth. ENI is an oil and gas stock, yet short interest data across the sector has remained relatively stable throughout the year.

ENI has gained 13% year-to-date, while its short interest % of float has surged from 3% to nearly 11%—an 8-point rise representing a 260% increase. The rising short interest amid ENI’s price climb suggests a reversal strategy; however, the sharp uptick around April earnings points to momentum-driven short selling sentiment.

ENI’s short squeeze score and crowded shorts data score both sit at 67.5—approaching the critical 70 threshold that typically signals elevated short squeeze risk.

Sell-side recommendations have been trending downward, driven partly by growing valuation concerns. ENI’s price-to-earnings (PE) ratio is now at its highest level since 2021, when pandemic-era earnings disruptions pushed valuations sharply higher.

Aside from the April earnings window, volatility has steadily declined even as the stock price has climbed. Typically, volatility and short interest analytics exhibit a positive correlation—but ENI is bucking that trend, showing rising prices amid falling volatility.

However, the sharp rise in short interest notional far exceeds the drop in volatility—leaving short value at risk elevated and closely aligned with notional short exposure.

Want to know more? Access this data in real time using S3’s BLACK APP & BLACK MAP

The information herein (some of which has been obtained from third party sources without verification) is believed by S3 Partners, LLC (“S3 Partners”) to be reliable and accurate. Neither S3 Partners nor any of its affiliates makes any representation as to the accuracy or completeness of the information herein or accepts liability arising from its use. Prior to making any decisions based on the information herein, you should determine, without reliance upon S3 Partners, the economic risks, and merits, as well as the legal, tax, accounting, and investment consequences, of such decisions.