Energy Insights: James River REBOUNDS, Shell Lets Cove GO
Shares of James River Coal Company (NASDAQ:JRCC) rebound on Monday, following Friday’s 11 percent drop on expectations of lower third quarter coal production from its industry peer Consol Energy, Inc. (NYSE:CNX), whose shares fell on the day.
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Royal Dutch Shell (RDS.A) will not change its bid for Cove Energy, which effectively concedes the auction of the company to Thailand’s PTT. Shell had wanted to buy Cove in order to gain access to potential liquefied natural gas developments in Mozambique and other exploration positions in the region.
Both BioFuel Energy Corp. (NASDAQ:BIOF) and Pacific Ethanol, Inc. (NASDAQ:PEIX) shares enjoyed a good day Monday, despite the economics of corn prices being against them. (Quantity) demanded is falling as prices rise, so why are the two ethanol makers up? Paul Ausrick at 24/7 believes that sufficient ethanol has been taken off the market through production closures, that its own price is rising due to a lack of supply.
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