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Post by skoondog on Jan 3, 2013 20:29:01 GMT -5
Looks like it already started, I knew it would. It started early and it should run for a while now. Good luck and enjoy the run.
skoondog
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Post by djhemp on Jan 3, 2013 20:52:43 GMT -5
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Post by skoondog on Jan 10, 2013 16:54:22 GMT -5
1st level $1.00 2nd level $2.50 3rd level $4.50 4th level $!0.00 5th level $15.00 6th level $30.00 7th level $60.00 8th level $80.00 9th level $!20.00 10th level $200.00 Laugh all you want but I have done my homework and check this out... UP
JULY 1995 $7.70 JULY 1996 $50.31 JULY 1997 $76.56 jULY 1998 (HIGH) $201.25 CLOSED $148.75
JULY 1999 CLOSED $37.00 (JAN) $223.00 CLOSED $180.46DOWNJULY 2000 CLOSED $65.62 JULY 2001 CLOSED $50.00 JULY 2002 CLOSED $31.00 JULY 2003 CLOSED $14.00
UP
JULY 2004 CLOSED $35.07 JULY 2005 CLOSED $56.98 MAY 1 2006 CLOSED $203.77DOWN
JULY 2006 CLOSED $131.81 JULY 2007 CLOSED $87.99 JULY 2008 CLOSED $13.09 JULY 2009 CLOSED $2.73UP
JULY 2010 CLOSED $4.06
DOWN
JULY 2011 CLOSED $0.85 JULY 2012 CLOSED $0.33 JULY 2013 ON AVG STOCK GOES UP 4 AND THEN COMES DOWN 3, I SAID AVG!!! Now the way I see it, some type of game is being played here with this stock. With 144 employee's and in 2010 everyone was buying on the inside, and I mean a lot of insiders was buying. Maybe one person on the inside sold... I think if you buy, and not try to buy the freaking market out, you can buy really low and make profit as it goes up for the next 4 years!!!! It's up to you all, but we all know how the fuel game is played!!! pump and pump when all the peaces are in place... If you get in, good luck!!!!! Skoondog ps: check out EXXI and look at Sept 2009...
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Post by skoondog on Jan 10, 2013 18:18:17 GMT -5
Form 8-K for PACIFIC ETHANOL, INC.
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10-Jan-2013
Entry into a Material Definitive Agreement, Financial Statements and Exhibi
Item 1.01 Entry into a Material Definitive Agreement. Extension of Maturity of Plant Debt
On December 19, 2012, the Company entered into a Securities Purchase Agreement (the "Purchase Agreement") with 5 accredited investors (the "Investors"). Under the terms of the Purchase Agreement, the Company agreed to sell $22,192,490.64 in aggregate principal amount of its senior unsecured notes (the "Notes") and warrants (the "Warrants") to purchase an aggregate of 25,630,286 shares of the Company's common stock, $0.001 par value per share, to the Investors in a private offering (the "Financing Transaction") for aggregate gross proceeds of $22,192,490.64.
A summary of the terms of the Purchase Agreement, the Notes and the Warrants was disclosed on the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 19, 2012. Readers should review the Original 8-K and the exhibits filed with the Original 8-K for a complete understanding of the terms and conditions associated with the Financing Transaction.
The sale of the Notes and the Warrants to the Investors is expected to close (the "Closing") on or prior to January 18, 2013, subject to satisfaction of customary closing conditions. The Closing is also contingent upon, among other things, (i) the maturity date applicable to certain loans issued by certain indirect partially owned subsidiaries of the Company being extended immediately prior to the Closing ("Extension of Maturity of Plant Debt") and (ii) satisfactory evidence that the Acquisition of Plant Debt (as defined below) will be consummated concurrently with the Closing.
Subject to the consummation of the Financing Transaction, the Company has agreed to use $21,538,595.64 of the gross proceeds of the Financing Transaction to purchase ("Acquisition of Plant Debt") from certain of the Investors (the "A-2 Investors") an aggregate principal amount of $21,538,595.64 of Tranche A-2 Term Loans (the "Purchased Debt") issued under and as defined in that that certain Second Amended and Restated Credit Agreement dated as of October 29, 2012 among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company, as a borrower thereunder and as agent for borrowers thereunder, and co-borrowers Pacific Ethanol Madera LLC, a Delaware limited liability company, Pacific Ethanol Columbia, LLC, a Delaware limited liability company, Pacific Ethanol Stockton LLC, a Delaware limited liability company, and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company, each of the lenders thereunder who are from time to time signatories thereto, Wells Fargo Bank, N.A., as administrative agent and collateral agent for such lenders and such other parties thereto as identified therein (the "Second Lien Credit Agreement").
On January 4, 2013, the A-2 Investors entered into a First Amendment to Second Amended and Restated Credit Agreement with Pacific Ethanol Holding Co. LLC, a Delaware limited liability company, as a borrower and as agent for borrowers, and co-borrowers Pacific Ethanol Madera LLC, a Delaware limited liability company, Pacific Ethanol Columbia, LLC, a Delaware limited liability company, Pacific Ethanol Stockton LLC, a Delaware limited liability company, and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company, Wells Fargo Bank, N.A., as administrative agent and collateral agent and such other parties thereto as identified therein (the "Second Lien Credit Agreement Amendment") pursuant to which the terms of the Second Lien Credit Agreement will be amended to extend the maturity date applicable to the Purchased Debt from June 30, 2013 to June 30, 2016, with such amendment to be effective immediate prior to the closing of the Financing Transaction.
In addition, on January 4, 2013, Investors holding sufficient debt to amend the Credit Agreement dated as of October 29, 2012 among Pacific Ethanol Holding Co. LLC, a Delaware limited liability company, as a borrower thereunder and as agent for borrowers thereunder, and co-borrowers Pacific Ethanol Madera LLC, a Delaware limited liability company, Pacific Ethanol Columbia, LLC, a Delaware limited liability company, Pacific Ethanol Stockton LLC, a Delaware limited liability company, and Pacific Ethanol Magic Valley, LLC, a Delaware limited liability company, each of the lenders thereunder who are from time to time signatories thereto, Wells Fargo Bank, N.A., as administrative agent and collateral agent for such lenders and such other parties thereto as identified therein (the "First Lien Credit Agreement") entered into a First Amendment to Credit Agreement (the "First Lien Credit Agreement Amendment") under which such Lenders agreed to amend the terms of the First Lien Credit Agreement to extend the maturity date of the $10.0 million revolving line of credit from June 25, 2013 to June 25, 2015 with such amendment to be effective immediate prior to the closing of the Financing Transaction.
There can be no assurance that the closing of the Financing Transaction, the Acquisition of Plant Debt or Extension of Maturity of Plant Debt will be consummated.
Employment Agreement
On January 6, 2013, Pacific Ethanol, Inc. (the "Company") entered into an Executive Employment Agreement with Michael D. Kandris that provides for Mr. Kandris' at-will employment as the Company's Chief Operating Officer. Mr. Kandris shall initially receive a base salary of $246,000 per year, subject to annual review and increase in the Company's board of director's sole discretion. Mr. Kandris is also eligible to receive an annual discretionary cash bonus of up to 50% of his base salary, to be paid based upon performance criteria set by the Company's board of directors.
Upon termination by the Company without cause, resignation by Mr. Kandris for good reason or upon Mr. Kandris's disability, Mr. Kandris is entitled to receive (i) severance equal to twelve months of base salary, (ii) continued health insurance coverage for twelve months, and (iii) accelerated vesting of 25% of all shares or options subject to any equity awards granted to Mr. Kandris prior to Mr. Kandris's termination which are unvested as of the date of termination. However, if Mr. Kandris is terminated without cause or resigns for good reason within three months before or twelve months after a change in control, Mr. Kandris is entitled to (a) severance equal to eighteen months of base salary, (b) continued health insurance coverage for eighteen months, and (c) accelerated vesting of 100% of all shares or options subject to any equity awards granted to Mr. Kandris prior to Mr. Kandris's termination that are unvested as of the date of termination.
The term "for good reason" is defined in the Executive Employment Agreement as (i) the assignment to Mr. Kandris of any duties or responsibilities that result in the material diminution of Mr. Kandris's authority, duties or responsibility, (ii) a material reduction by the Company in Mr. Kandris's annual base salary, except to the extent the base salaries of all other executive officers of the Company are accordingly reduced, (iii) a relocation of Mr. Kandris's place of work, or the Company's principal executive offices if Mr. Kandris's principal office is at these offices, to a location that increases Mr. Kandris's daily one-way commute by more than thirty-five miles, or (iv) any material breach by the Company of any material provision of the Executive Employment Agreement.
The term "cause" is defined in the Executive Employment Agreement as (i) Mr. Kandris's indictment or conviction of any felony or of any crime involving dishonesty, (ii) Mr. Kandris's participation in any fraud or other act of willful misconduct against the Company, (iii) Mr. Kandris's refusal to comply with any lawful directive of the Company, (iv) Mr. Kandris's material breach of his fiduciary, statutory, contractual, or common law duties to the Company, or (v) conduct by Mr. Kandris which, in the good faith and reasonable determination of the Company's board of directors, demonstrates gross unfitness to serve; provided, however, that in the event that any of the foregoing events is reasonably capable of being cured, the Company shall, within twenty days after the discovery of the event, provide written notice to Mr. Kandris describing the nature of the event and Mr. Kandris shall thereafter have ten business days to cure the event.
A "change in control" of the Company is deemed to have occurred if, in a single transaction or series of related transactions (i) any person (as the term is used in Section 13(d) and 14(d) of the Exchange Act), or persons acting as a group, other than a trustee or fiduciary holding securities under an employee benefit program, is or becomes a "beneficial owner" (as defined in Rule 13-3 under the Exchange Act), directly or indirectly of securities of the Company representing a majority of the combined voting power of the Company, (ii) there is a merger, consolidation or other business combination transaction of the Company with or into another corporation, entity or person, other than a transaction in which the holders of at least a majority of the shares of voting capital stock of the Company outstanding immediately prior to the transaction continue to hold (either by the shares remaining outstanding or by their being converted into shares of voting capital stock of the surviving entity) a majority of the total voting power represented by the shares of voting capital stock of the Company (or the surviving entity) outstanding immediately after the transaction, or (iii) all or substantially all of our assets are sold.
Item 9.01. Financial Statements and Exhibits. Exhibit No. Description
10.1 Executive Employment Agreement for Michael Kandris, dated January 6, 2013 (*)
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skoondog
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Post by skoondog on Jan 12, 2013 9:47:42 GMT -5
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Post by skoondog on Jan 22, 2013 11:30:25 GMT -5
On January 4, I argued here on Seeking Alpha that the sharp increase in the share prices of several dedicated corn ethanol producers on news of the fiscal cliff deal was an overreaction. Shares in the two companies experiencing the biggest gains, BioFuel Energy (BIOF) and Pacific Ethanol (PEIX), have since fallen from their highs January 3, by 18% and 10%, respectively (see figure). [Interestingly, Rex American Resources (REX), which scarcely budged after the fiscal cliff deal was announced, is up 10% over the same period, while Green Plains Renewable Energy (GPRE) is still flat for 2013.] The market appears to have realized that while the provisions of the fiscal cliff deal may signal a shift to a more favorable stance in Washington D.C., toward the broader biofuels industry, corn ethanol producers will not directly benefit (unlike biobased diesel producers).
data by YCharts
A notable change in market conditions has occurred since the beginning of the year, however. D6 Renewable Identification Numbers [RIN], virtually all of which go toward corn ethanol production, have increased in value from $0.05/RIN on January 3, to $0.13/RIN as of January 16. At risk of engaging in hyperbole, this is an historic event; D6 RINs have been trading between $0.01/RIN and $0.04/RIN [pdf] for virtually their entire existence.
This surge in value is the result of a number of significant changes in the operating environment for corn ethanol producers. The prices of gasoline and corn have sharply diverged since the beginning of the year, with the U.S. price of gasoline just above its 1-year low (see figure). While such a divergence alone is not sufficient to explain the change in RIN values (a similar situation in July had little impact on them, after all), the corresponding fall in daily ethanol production from 830,000 barrels per day [bpd] to 784,000 bpd does. As a reminder, RIN values operate as a function of gasoline and corn prices, increasing as the former decreases and the latter increases. In other words, RIN values increase during difficult operating environments to support biofuel producers until conditions improve. An important caveat is that RIN values only increase when such an increase is necessary to incentivize enough production to meet the annual volume mandated by the revised Renewable Fuel Standard [RFS2]. Last summer, when the corn ethanol industry was on pace to produce 106% of the 2012 mandated volume, was particularly rough for producers as a result because RIN values were unable to offset the sharp increase in their feedstock costs (i.e., a condition of overproduction relative to the 2012 mandated volume existed in the industry, so the value of RINs fell to near zero since they were not needed to satisfy the mandate).
data by YCharts
The operating environment has changed in recent weeks, however, and RIN values are responding to higher corn prices and lower gasoline prices now that annual production is on pace to reach only 12.4 billion gallons in 2013, or 90% of the mandated volume for the year. Daily U.S. ethanol production will need to return to levels not seen since last July if D6 RIN values are to return to their previous levels. The capacity is still there, obviously (even if some of it has been idled), and I don't expect share prices to return to their pre-drought highs as a result, but signs of life in the D6 RIN market should translate into lower risks for investors in dedicated ethanol producers over the next few months. Shares could even advance on news of facility restarts in response to the higher RIN values, although investors should note that the industry's long-term headwinds still remain. Additionally, share prices have quickly retreated following gains on positive headlines twice since November (first following the EPA's mid-November decision to uphold the ethanol mandate, and again following the fiscal cliff decision), so playing such a move is a risky proposition at best.
Skoondog
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Post by skoondog on Jan 28, 2013 19:04:49 GMT -5
Did some DD, this weekend, and found that a few insider's for PEIX WAS BUYING ON THE 7TH OF Jan 2013....
skoondog
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Post by skoondog on Feb 1, 2013 15:26:10 GMT -5
Holy cow, looks like the boat has left and it's time to make some MONEY BABY!!!!
Skoondog
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Post by skoondog on Feb 1, 2013 22:47:29 GMT -5
Disclosure: I am long VRNM. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...) Biofuel stocks advanced yesterday after news that the EPA proposed increasing the required use of renewable fuels. The EPA called for a mandate of 16.55 billion gallons for renewable fuels such as ethanol for this year, up 8.9 percent from 2012 and in line with a target set by Congress. The EPA stated it is looking to stop price scams in the RIN market for biofuels and this too should help strengthen prices. There are not many stocks in the biofuel sector so we will go over them here as this appears to be just the beginning of strength in the sector.
1.) Verenium Corporation (VRNM)
Verenium produces DELTAZYM® GA L-E5 glucoamylase. It is obtained from a classical strain of Aspergillus niger designed to provide optimum ethanol yields in fuel ethanol production resulting in cost performance benefits. DELTAZYM® GA L-E5 glucoamylase is used to saccharify liquefied mash from various substrates including corn, wheat, milo, barley and cassava. It can be used in simultaneous saccharification fermentation (SSF) processes by adding directly to the fermentor with yeast. This biofuel stock was once the leader of the sector after they announced a partnership with BP (BP) back in 2010. Last year under falling ethanol prices BP backed out of the deal and this resulted in a steep drop in Verenium's stock price. Ethanol companies need Verenium's product to manufacture ethanol so a renewed interest in ethanol production should greatly benefit them. However, with the renewed interest again in biofuels Veremium should benefit. VRNM's chart looks to be moving towards the 200-day moving average at $3.20.
2.) BioFuel Energy Corp, (BIOF)
BioFuel Energy Corp. produces and sells ethanol and its co-products in the United States. The company offers dried and wet distillers grains with solubles, corn oil, and carbon dioxide. It operates 2 ethanol production facilities located in Wood River, Nebraska and Fairmont, Minnesota with a combined production capacity of approximately 220 million gallons per year. The company sells its products to independent third party marketers and distributors. BioFuel has gained much of the attention over the last few months after it was disclosed David Einhorn has been accumulation shares in the company. As of September, 2012 he owned approximately 13.6%. The EPA mandate for increased biofuels will directly benefit companies like BioFuel.
3.) Pacific Ethanol, Inc (PEIX)
Pacific Ethanol, Inc. produces and markets low carbon renewable fuels in the United States. It sells ethanol to gasoline refining and distribution companies; provides ethanol transportation, storage, and delivery services in the Western United States. A manufacturer of ethanol, they too will benefit from increased sales due to the EPA mandate. The stock has been crushed over the last year, falling 75%. During that time however Pacific has reduced its debt load, while at the same time increasing its ownership in ethanol plants. Increasing ethanol sales is bullish for them.
4.) Syntroleum Corp (SYNM)
The EPA mandate announced yesterday could be a big win for this company. Refiners, per the EPA, have to make or purchase credits for 2.75 billion gallons of advanced biofuels, such as biodiesel. Syntroleum product is a synthetic diesel fuel produced by Dynamic Fuels, a 50/50 venture formed with Tyson Foods, (TSN) the world's largest processor and marketer of chicken, beef, and pork. Utilizing fats and oils feedstock from Tyson, coupled with Syntroleum's Bio-Synfining™ technology, the Dynamic Fuels' plant is designed to produce 75,000,000 gallons per year of ultra-clean and high performing renewable synthetic fuels. The first facility of its kind in the United States began commercial operations in November of 2010. The diesel meets ASTM D975 standards, including higher cetane levels, near zero sulfur and superior stability. The unblended diesel fuel can be used in existing conventional fuel infrastructure and engines. The synthetic fuel can also be blended with petroleum diesel to help those fuels achieve superior environmental and performance characteristics. In 2011, Syntroleum contracted with the U.S. Navy to provide fuel for a new fleet of green ships. The fuel is also being tested in shuttle buses operated by Alamo and National Car Rental.
Syntroleum as of the most recent earnings report had $17m in cash. The recent Fiscal Cliff deal was a boon for Syntroleum. In their December 13, 2012 SEC filing the company stated they would receive $23m for 2012 production. The Tax Extenders Bill passed and will give the company $40m approximately once the monies are received.
With oil prices approaching the $100 a barrel mark yet again, there is no surprise biofuel stocks are gaining attention. The EPA mandate looks to have also put a floor in these stocks. There are only a handful of players in this biofuel market and that in turn could lead to outsized gains as both investors and traders chase. Much like the 3-D sector, when there are only a few stocks those stocks typically see larger gains than normal. The sector is not without risk but with biofuel prices bouncing off their lows and a government mandate set on keeping the sector viable, the rewards here appear to outweigh the risks!
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
skoondog
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Post by skoondog on Feb 3, 2013 10:48:17 GMT -5
PEIX should start the run very soon, if you all want to make some easy money then this is the run!!! I hit good stock plays every once in awhile. But this run just feels right, and looking at its history over the years, and this thing is no where dead. Folks just get something to help make you some money. We all have been beaten down so much over CMKX. And most have stop trading stock, stock trading is fun. But so many people don't do there homework any more. Thats why so many fail at trading, but there are ways to make money, and have some extra cash on hand. Some folks don't trade anymore because of the tax rate, well why in the world do you think it's so high??? Easy, most folks that are rich in this world is not from work, (thats for d*mn sure) It's from investments... Easy money..... You will never retire or get a head from the word JOB!!!! And live a very comfortable life style.. SO LEARN HOW TO TRADE!!!! LEARN THE TRICKS, AND TAKE CARE OF YOUR FAMILY AND PERSONAL GOALS.... IN OTHER WORDS GET OFF YOUR BUTT AND GET BUSY, LEARN THE TRICKS. If you need help I am here to help, just drop me an email or IM ME. And if you have some negative thoughts to bring my way, bring them. I am not trying to make money for me, I'm trying to give people something back. Their right to trade and not get screwed, we know the SEC and the government are dirty, but that don't mean give up!!! IT MEANS GET BUSY!!! You watch the markets are about to go down, and soon. But PEIX it is already beaten down, and they are already talking about fuels. Its a sector beaten down, so now time to play the play and it's very quite sector, it will rock... Enjoy the run!!!!
Skoondog
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Post by skoondog on Feb 15, 2013 12:53:40 GMT -5
Well Folks I got to my 2000 Mark today shares wise. I did the best I could to help out folks on making some good money. I am done buying for this Stock, but should be set now for a very nice run in the next few weeks. I don't come across many stock plays, and make a ton load of money. But this one, well I have out done myself on PEIX. So if your in this stock play, be patient and take profits at the level you want!!!! Period.......................
skoondog
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Post by skoondog on Mar 1, 2013 11:01:55 GMT -5
EIA: Global Oil, Fuels Demand Outpacing Supply So Far in 2013Last update: 2/28/2013 2:15:22 PMCorrections & AmplificationsThis item was corrected at 19:22 GMT. An earlier version misstated the year as 2012.-- Iran's crude output down 600,000 b/d vs. year earlier so far in 2013 -- OPEC output down as Saudi's trim production -- Non-OPEC output steady in January-February vs. year-earlier By David Bird NEW YORK--Global consumption of oil and other liquids like biofuels is outpacing supply, resulting in an average 1.3 million barrels a day drop in fuel inventories in the first two months of the year, the U.S. Energy Information Administration said Thursday. Total output of these liquid fuels is averaging 88.3 million barrels a day, or 600,000 barrels a day below the same two-month period in 2012, EIA said. Liquid fuels consumption is up 700,000 barrels a day to 89.6 million barrels a day from January-February 2012. Taken together, the supply drop and the output growth necessitate the 1.3 million barrels a day drop in global inventories to meet demand. The EIA said global inventories didn't decline in first two months of 2012. The assessment comes in the February installment of a report the agency must issue to Congress on the oil market, as required by legislation which clamped sanctions on Iran over its nuclear program. Iran's liquid fuels production averaged 3.4 million barrels a day in January and February, down 600,000 barrels a day from a year earlier, the EIA said. Of this figure, crude oil output was 2.8 million barrels a day, down from 3.4 million barrels a day a year earlier. Crude oil output from the Organization of Petroleum Exporting Countries averaged 30.1 million barrels a day in the first two months of the year, down 900,000 barrels a day from the same period a year earlier. The bulk of the drop came from Saudi Arabia, who output fell by 800,000 barrels a day, to 9.1 million barrels a day in the period, as widely reported prior to the EIA report. The drop offset minor gains in output from Libya and Iraq and a rise of 300,000 barrels a day in OPEC non-crude oil liquids output, the EIA said. Non-OPEC production was steady on balance in the first two months of 2013 versus the same time a year earlier, at 52.5 million barrels a day. Output declines in the North Sea, Brazil and Sudan were offset by gains in the U.S., Canada and Russia. Surplus OPEC oil output capacity stood at 2.7 million barrels day on average in January and February, up from 2.1 million barrels a day in the same period of 2012, but down from the three-year average of 3 million barrels a day for the first two months of the year. "The estimate of effective surplus capacity does not include additional capacity that may be technically available in Iran, but which is offline due to the impacts of U.S. and European Union sanctions on Iran's ability to sell its oil," the EIA said. Demand dropped 300,000 barrels a day in major industrialized nations in Europe "as warmer weathers, albeit still colder than normal, limited the amount of liquid fuels needed for space-heating this year." Japan's liquid fuel use dropped 200,000 barrels a day from the first two months of 2012, but was up from the average in the same period of previous three years due to ongoing nuclear outages. The EIA report on availability of non-Iranian petroleum came as a senior Western diplomat said this week's nuclear talks between Iran and six major powers were the most positive yet. The diplomat on Thursday cast a much more upbeat view of the negotiations than western sources had given as two days of talks broke up on Wednesday. The diplomat said the key test for Iranian engagement still lies ahead when the Iranian negotiating team returns to Kazakhstan on April 5-6 for follow-up talks. That's when they will need to give a clear response to a new offer made by the six major powers to break the nuclear impasse. On Tuesday, the five permanent members of the United Nations Security Council plus Germany, the so-called P5+1, presented Iran with an updated offer in Almaty, Kazakhstan to persuade Tehran to curtail its nuclear activities. Western officials said the updated offer included possible sanctions relief on trade in gold and precious metals and on the Iranian petrochemical sector, but not on oil. (Laurence Norman contributed to this report) Write to David Bird at david.bird@dowjones.com Corrections & AmplificationsThis article was corrected at 10:53 EDT to fix the size of the rise in fuel consumption in the third paragraph. Liquid fuels consumption is up 700,000 barrels a day to 89.6 million barrels a day from January-February 2012, not up 89.6 million barrels a day from that period. Subscribe to WSJ: online.wsj.com?mod=djnwires -- Iran's crude output down 600,000 b/d vs. year earlier so far in 2013 -- OPEC output down as Saudi's trim production -- Non-OPEC output steady in January-February vs. year-earlier By David Bird NEW YORK--Global consumption of oil and other liquids like biofuels is outpacing supply, resulting in an average 1.3 million barrels a day drop in fuel inventories in the first two months of the year, the U.S. Energy Information Administration said Thursday. Total output of these liquid fuels is averaging 88.3 million barrels a day, or 600,000 barrels a day below the same two-month period in 2012, EIA said. Liquid fuels consumption is up 89.6 million barrels a day from January-February 2012. Taken together, the supply drop and the output growth necessitate the 1.3 million barrels a day drop in global inventories to meet demand. The EIA said global inventories didn't decline in first two months of 2012. The assessment comes in the February installment of a report the agency must issue to Congress on the oil market, as required by legislation which clamped sanctions on Iran over its nuclear program. Iran's liquid fuels production averaged 3.4 million barrels a day in January and February, down 600,000 barrels a day from a year earlier, the EIA said. Of this figure, crude oil output was 2.8 million barrels a day, down from 3.4 million barrels a day a year earlier. Crude oil output from the Organization of Petroleum Exporting Countries averaged 30.1 million barrels a day in the first two months of the year, down 900,000 barrels a day from the same period a year earlier. The bulk of the drop came from Saudi Arabia, who output fell by 800,000 barrels a day, to 9.1 million barrels a day in the period, as widely reported prior to the EIA report. The drop offset minor gains in output from Libya and Iraq and a rise of 300,000 barrels a day in OPEC non-crude oil liquids output, the EIA said. Non-OPEC production was steady on balance in the first two months of 2013 versus the same time a year earlier, at 52.5 million barrels a day. Output declines in the North Sea, Brazil and Sudan were offset by gains in the U.S., Canada and Russia. Surplus OPEC oil output capacity stood at 2.7 million barrels day on average in January and February, up from 2.1 million barrels a day in the same period of 2012, but down from the three-year average of 3 million barrels a day for the first two months of the year. "The estimate of effective surplus capacity does not include additional capacity that may be technically available in Iran, but which is offline due to the impacts of U.S. and European Union sanctions on Iran's ability to sell its oil," the EIA said. Demand dropped 300,000 barrels a day in major industrialized nations in Europe "as warmer weathers, albeit still colder than normal, limited the amount of liquid fuels needed for space-heating this year." Japan's liquid fuel use dropped 200,000 barrels a day from the first two months of 2012, but was up from the average in the same period of previous three years due to ongoing nuclear outages. The EIA report on availability of non-Iranian petroleum came as a senior Western diplomat said this week's nuclear talks between Iran and six major powers were the most positive yet. The diplomat on Thursday cast a much more upbeat view of the negotiations than western sources had given as two days of talks broke up on Wednesday. The diplomat said the key test for Iranian engagement still lies ahead when the Iranian negotiating team returns to Kazakhstan on April 5-6 for follow-up talks. That's when they will need to give a clear response to a new offer made by the six major powers to break the nuclear impasse. On Tuesday, the five permanent members of the United Nations Security Council plus Germany, the so-called P5+1, presented Iran with an updated offer in Almaty, Kazakhstan to persuade Tehran to curtail its nuclear activities. Western officials said the updated offer included possible sanctions relief on trade in gold and precious metals and on the Iranian petrochemical sector, but not on oil. (Laurence Norman contributed to this report) Write to David Bird at david.bird@dowjones.com Subscribe to WSJ: online.wsj.com?mod=djnwires (END) Dow Jones NewswiresFebruary 28, 2013 15:28 ET (20:28 GMT)News
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Post by skoondog on Mar 12, 2013 18:27:28 GMT -5
It's just a little to early to jump up and down, but their is a good chance that if next weeks reports (earnings) are ok or so so, this stock could have a field day....
Skoondog
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Post by skoondog on May 16, 2013 19:58:16 GMT -5
PEIX can make you say whats next??? lol
skoondog
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Post by skoondog on Aug 4, 2013 18:10:19 GMT -5
My question is was is the stock price now?? Skoondog
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