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 (NYSE:NAT)
- Price action: +9.13%
- Volume: 8.68 million
Peabody Energy Corporation (NYSE:BTU)
- Price action: +5.49%
- Volume: 9.05 million
Gevo Inc (NASDAQ:GEVO)
- Price action: +4.37%
- Volume: 6.71 million
EQT Corporation (NYSE:EQT)
- Price action: +4.26%
- Volume: 8.80 million
Antero Resources Corp (NYSE:AR)
- Price action: +1.66%
- Volume: 6.60 million
APA Corp (US) (NASDAQ:APA)
- Price action: +3.39%
- Volume: 6.51 million
Southwestern Energy Company (NYSE:SWN)
- Price action: +2.99%
- Volume: 37.59 million
Baker Hughes Co (NASDAQ:BKR)
- Price action: +2/48%
- Volume: 6.85 million
Coterra Energy Inc (NYSE:CTRA)
- Price action: +2.68%
- Volume: 6.30 million
Devon Energy Corp (NYSE:DVN)
- Price action: +2.41%
- Volume: 9.94 million
Centennial Resource Development Inc (NASDAQ:CDEV)
- Price action: +2.44%
- Volume: 8.50 million
Schlumberger NV (NYSE:SLB)
- Price action: +2.50
- Volume: 8.59 million
Kosmos Energy Ltd (NYSE:KOS)
- Price action: +1.57%
- Volume: 11.56 million
Occidental Petroleum Corporation (NYSE:OXY)
- Price action: +0.83%
- Volume: 21.33 million
Exxon Mobil Corp (NYSE:XOM)
- Price action: +0.01%
- Volume: 19.29 million
