Pacific Ethanol Surges Following Report

Shares of Pacific Ethanol PEIX surged over 10 percent following an ethanol report released late Friday, suggesting a decrease in ethanol prices due to an increase in corn alternative.

Gasoline for August delivery decreased by 1.7 percent to 2.9085 a gallon on Nymex, while corn for December delivery decreased by two percent, to $3.845 bushel on CBOT.

Shares of Pacific Ethanol traded recently at $17.00, up 8.4 percent.