PEIX Shares Continue Their Upward Trend
Pacific Ethanol Inc (NASDAQ: PEIX) has rallied by 60.00% to $2.28 in early morning trade. PEIX’s share price has been moving up steadily since January 6, when the company announced the resumption of production at its Magic Valley facility. The facility is now producing and selling ethanol and feed products.
PEIX had suspended production at this facility in February due to weak market conditions for ethanol. With the demand for ethanol production in California expected to increase to 1.6 billion gallons this year, from 950 million gallons in 2009, PEIX had the chance to restart the production unit. Based on data from the California Energy Commission, Pacific Ethanol had produced 40 million gallons of ethanol in 2008 in California.
Some of the other ethanol plays have also moved up, such as BioFuel Energy Corp (NASDAQ: BIOF) which has risen by 13.26% to 3.87 and Aventine Renewable Energy Holdings Inc (OTC: AVRNQ) shares have moved up by 6.06% to $0.350.
