The Energy sector moved forward 0.25% on Wednesday, a positive sign following a solid day posted several companies. SulphCo, Inc. (AMEX: SUF) has the biggest percentage gain inside the sector with a 31.58% spike to close at 0.25. While average trading volume in SUF is just over 883,000 on Wednesday the volume topped 6.9 million, pushing shares in the company, which engages in the development and commercialization of an oxidative desulfurization process for crude oil products, crude oils, and condensate streams, past the 50-day moving average of 0.21 and closer to the 200-day moving average of 0.31.
Shares in SinoCoking Coal & Coke Chemical Industries, Inc. (NASDAQ: SCOK), which produces and markets coal products, including coke, raw and washed coal, and chemical byproducts in the People’s Republic of China, jumped 12.48% on Wednesday to close at 12.89. More than 4x the average trading volume took place during the day as shares hit a three-month high of 12.99 and they remain above the 50-day moving average of 9.25 but still trail the 200-day moving average of 13.65.
One day after providing an operations update concerning their Eagle Ford and Bakken Shale projects shares in GeoResources, Inc. (NASDAQ:GEOI) pushed north 7.84% on Wednesday to close at 24.76. GEOI, an independent oil and gas company engaged in the acquisition, development, production, and exploration of oil and gas reserves in the United States, climbed to 26.06 during the day to set a new 52-week high and shares are currently above the 50-day moving average of 20.42 and 200-day moving average of 16.68.
With a growing sense that the economic recovery is sustainable along with confidence that exports will be up investors have been jumping on coal and Patriot Coal Corporation (NYSE: PCX) has been benefiting as shares climbed 7.74% on Wednesday to close at 21.99. PCX, which engages in the production and sale of thermal coal in the United States., hit 22.10 during the day to mark a six-month high and shares remain above the 50-day moving average of 16.49 and 200-day moving average of 15.29.
Union Drilling, Inc. (NASDAQ: UDRL), which provides contract land drilling services and equipment primarily to independent natural gas producers in the United States, saw shares jump 7.43% to close at 8.39 on the day. The strong day pushed shares as high as 8.41, a 52-week high, and kept the company above its 50-day moving average of 6.40 and 200-day moving average of 5.75.