WDS cost to borrow has fallen 57% in a single week. That move cuts across a more complex short-selling picture worth unpacking.
Cost to borrow hit 0.87% on June 5. That is down from 2.18% just a week prior — and well below the 3.39% peak recorded in late April. At the same time, availability tightened sharply. It stood at 61.3% as of June 5, down from 95.7% just three days earlier. That combination — cheaper borrows alongside fewer shares available — points to a partial unwind of short positions, not a fresh build.
Short shares outstanding rose modestly, up 2.7% on the week to 3.31 million. But the month-on-month picture tells a different story. Short interest has climbed 38.9% over the past 30 days. That longer-run accumulation preceded the CTB spike, suggesting a crowded short trade has been quietly building in Woodside since early May.
The options market has moved in the opposite direction. The put-call ratio hit 0.1821 on June 3, sitting 2.5 standard deviations above its 20-day mean — then pulled back to 0.1477 by June 5. That remains near the lower end of the 52-week range of 0.0447 to 0.7499. Call-side demand dominates heavily. Options traders are not sharing the short sellers' pessimism.
The divergence between a rising short position and bullish options flow sets up a genuine tension. The stock has dropped 9.1% in the past month, trading at $21.33.
Major holders have not blinked. BlackRock added 596,582 shares as of May 31. Vanguard entities across multiple vehicles added a combined one million-plus shares in recent weeks. Dimensional Fund Advisors added 385,863 shares. The accumulation is steady rather than aggressive, but it runs counter to the short-side pressure.
The ORTEX short score sits at 49.4, up from 46.6 two weeks ago but still in mid-range territory. The 52-week availability floor was 4.6% — reached earlier this cycle — a reminder of just how tight this borrow market has been at its peak.
What to watch: Woodside reports earnings July 29. The gap between options bulls and short sellers has to close before then. Availability at 61% is still in tight territory. If it narrows further alongside another CTB bounce, the short trade could get uncomfortable fast.
Data summary
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