Investing.com -- Elliott Investment Management Ltd., currently engaged in an activist campaign at BP (NYSE: BP ) Plc, has established a short position in Shell Plc, a London-based peer. The short position is equivalent to 0.5% of Shell’s shares.

The UK Financial Conduct Authority disclosed this information in its recently published data. According to an informed individual, this short position is a component of Elliott’s global hedging program. Elliott Investment Management holds a substantial stake in BP Plc. Short positions in other oil companies, like this one in Shell, could provide a hedge against the risk of share price fluctuations triggered by external factors, such as the price of crude oil .

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