It was a relatively quiet week in the market. Despite the normal movements during the week, the market basically ended up right around where it started. Meanwhile, the price of oil pretty much followed suit.
This led to a relative calm among energy stocks, as there weren't many making big moves in either direction. That being said, there were a couple of news-driven movers, with some of the biggest percentage moves being made by Denbury Resources (NYSE:DNR), Western Refining (NYSE:WNR), and DCP Midstream Partners (NYSE:DCP), according to S&P Capital IQ data.
Western Refining led a rally in the refining sector as the Energy Information Administration reported very strong demand for gasoline. This suggests that refiner profitability will continue to be strong as companies like Western Refining sop up cheap oil and turn it into higher-value gasoline.
DCP Midstream Partners, on the other hand, jumped higher after its two parent companies propped up its balance sheet. Phillips 66 provided DCP Midstream Partners with $1.5 billion in cash while Spectra Energy is giving it stakes in two pipelines. The move helps ease DCP Midstream Partners' balance sheet pressures, as it has struggled under the drop in NGL prices.
On a much less positive note, shares of Denbury Resources plunged this week as not one, but three analysts downgraded the stock. Analysts fear Denbury Resources will really struggle if oil prices remain lower for longer, as its oil hedges are running out next year, leaving it fully exposed to weak oil prices.
To learn even more about why these catalysts caused the stocks to move so sharply this week, check out the following slideshow.