This Sector Is Moving Higher On Volume Today

A high trading volume indicates high buying pressure if the stock is moving higher, or high selling pressure if the stock is moving lower.

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The energy sector is showing a bump in volume on Wednesday as oil futures peak at a two-week high. West Texas Intermediary (WTI) Crude is trading at $104.30, while Brent Crude is trading at 108.80.

President Joe Biden spoke at an event in Menlo, Iowa on Tuesday where the subject of the conversation was inflation. The president noted that while his administration is working to lower costs for Americans due to recent inflation from “Putin’s price hike," the White House ordered the release of 1 million barrels of oil per day, which is expected to reduce gas prices of up to 35 cents per gallon.

“This is by far the largest release of our national reserves in history. It’s a wartime bridge to increase oil supply as we work with US oil producers to ramp up their production this year,” Biden said.

See Also: Why Energy And Food Price Shock Could Last 'At Least A Year'

As the demand for American energy is increasing due to the war in Ukraine, COVID-19 concerns in China and investor fears of supply chain disruption, several energy stocks have moved higher on volume. We’ve gathered a list:

Nordic American Tanker Ltd NAT

  • Price action: +9.13%
  • Volume: 8.68 million

Peabody Energy Corporation BTU

  • Price action: +5.49%
  • Volume: 9.05 million

Gevo Inc GEVO

  • Price action: +4.37%
  • Volume: 6.71 million

EQT Corporation EQT

  • Price action: +4.26%
  • Volume: 8.80 million

Antero Resources Corp AR

  • Price action: +1.66%
  • Volume: 6.60 million

APA Corp (US) APA

  • Price action: +3.39%
  • Volume: 6.51 million

Southwestern Energy Company SWN

  • Price action: +2.99%
  • Volume: 37.59 million

Baker Hughes Co BKR

  • Price action: +2/48%
  • Volume: 6.85 million

Coterra Energy Inc CTRA

  • Price action: +2.68%
  • Volume: 6.30 million

Devon Energy Corp DVN

  • Price action: +2.41%
  • Volume: 9.94 million

Centennial Resource Development Inc CDEV

  • Price action: +2.44%
  • Volume: 8.50 million

Schlumberger NV SLB

  • Price action: +2.50
  • Volume: 8.59 million

Kosmos Energy Ltd KOS

  • Price action: +1.57%
  • Volume: 11.56 million

Occidental Petroleum Corporation OXY

  • Price action: +0.83%
  • Volume: 21.33 million

Exxon Mobil Corp XOM

  • Price action: +0.01%
  • Volume: 19.29 million
Posted In: Joe BidenOilNewsPenny StocksCommoditiesPoliticsSmall CapMarketsMoversTrading IdeasGeneral