With the S&P 500 in correction territory and the Nasdaq Composite in bear market territory, interest in short squeeze stocks has only surged higher. This week, oil stocks make up the top three names on Fintel’s Short Squeeze Leaderboard. In addition, the Russia-Ukraine conflict has placed increased emphasis on oil companies, especially with President Joe Biden’s ban on Russian oil imports. Putin has also signed a decree banning Russian exports of raw materials until the end of 2022.

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Fintel is a great resource to track stocks with high short interest (SI) because the website publishes a list of stocks with high squeeze potential. The list is based on its proprietary ranking system, which factors in metrics like short interest as a percentage of float, borrow fee rates and volume. In addition, the site gives stocks a “short squeeze score” on a scale from 0 to 100. A short squeeze score of 100 signifies high probability of a short squeeze while a ranking of 0 implies a low probability.

Without further ado, let’s jump into Fintel’s top short squeeze candidates for this week.

Oil Stocks Lead the Top Five Short Squeeze Stocks

1. Indonesia Energy (NYSEAMERICAN:INDO) headlines this list with a score of 99.86. The energy company obtained the number one spot this week after placing in eleventh place the previous week. Currently, Indonesia Energy has a SI as a percentage of float of 80.47%. On top of that, the cost to borrow shares short of INDO stock is a staggering 772%.
2. Enservco (NYSEAMERICAN:ENSV) places second on this list with a score of 99.64. Shares of ENSV stock have appreciated nearly 280% since the start of 2022. Furthermore, the stock’s SI has increased by over 400% in the past one month as speculators bet on its downfall. Investors should be willing to pay up to borrow shares short of ENSV stock; the company carries a borrow fee rate of 231%.
3. Imperial Petroleum (NASDAQ:IMPP) is the last of the oil stocks in Fintel’s top five. Like Enservco, IMPP stock has enjoyed a momentous 2o22 in the face of the Russia-Ukraine conflict. However, shorts are just around the corner. Imperial has a SI as a percentage of float of 44.1%. In addition, short interest has gone up by over 1,500% during the past one month.
4. AppHarvest (NASDAQ:APPH) is fourth on the list after placing in third the week prior. The indoor farm company carries a short squeeze score of 97.98. Furthermore, AppHarvest carries a SI as a percentage of float of 22.22%, which would take 3.8 days to fully cover. However, short interest fell 0.05% compared to last month, making APPH stock the only name on this list to experience a monthly decline in SI.
5. Finally, AST SpaceMobile (NASDAQ:ASTS) places fifth on the list with a short squeeze score of 97.88. Last week, ASTS stock placed 18th on Fintel’s list. The connectivity company has a SI as a percentage of float of 17.7%. As a result, it would take about half a day to cover all shares short. Right now, ASTS stock carries a borrow fee rate of 38.8%, the lowest of the top five.

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Read More: Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Eddie Pan did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.