{"id":3558,"date":"2007-11-10T17:31:46","date_gmt":"2007-11-10T17:31:46","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2007\/11\/10\/attention-aux-b\/"},"modified":"2012-07-12T10:08:50","modified_gmt":"2012-07-12T10:08:50","slug":"attention-aux-b","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2007\/11\/10\/attention-aux-b\/","title":{"rendered":"Attention aux bouilleurs de crus am\u00e9ricains"},"content":{"rendered":"

\"Pacific\"<\/a>                  2006, c’\u00e9tait l’Eldorado, on achetait les actions d’un producteur de fuel-ethanol am\u00e9ricain et les cours grimpaient. Pacific Ethanol (PEIX) \u00e0 10$ en Janvier 2006 passait les 40$ moins de cinq mois apr\u00e8s. Mais voil\u00e0, les arbres ne montent pas jusqu’au ciel, le cours est revenu depuis \u00e0 moins de 7$.<\/p>\n

                Pourquoi une telle variabilit\u00e9? Ou comment passer dans le rouge en plus que doublant son activit\u00e9 en un an.                  <\/p>\n

                     En un an les ventes de fuel-ethanol de PEIX sont pass\u00e9es de 23 millions de gallons \u00e0 50 mgallons, une croissance annuelle de 120%.<\/u> Les ventes sont pass\u00e9es de 61 millions de $ \u00e0 118 m$, une croissance annuelle de 93%<\/u>! Formidable, me direz-vous. Et pourtant le r\u00e9sultat op\u00e9rationnel est pass\u00e9 d’un profit de 1,9 m$ \u00e0 une perte de 1,16 m$<\/u>.<\/p>\n

                     Pourquoi ce revirement sur une activit\u00e9 en pleine expansion? La faute \u00e0 l’accroissement des cours de la mati\u00e8re premi\u00e8re, le ma\u00efs, de plus de 8% qui sont pass\u00e9s de 4,19 $ par boisseau \u00e0 4,54$ et surtout \u00e0 la baisse des prix de vente de l’\u00e9thanol de 2,46$ le gallon \u00e0 2,11$, soit une baisse de 14%. Les cours de l’\u00e9thanol, p\u00e9nalis\u00e9s par la surproduction, \u00e9voluent \u00e0 contre courant de ceux de l’essence (FIG.). Les cours de l’essence, pouss\u00e9s par ceux du brut, sont pass\u00e9s au dessus de ceux de l’\u00e9thanol.\"Etha11\"<\/a> <\/p>\n

                  Le futur de cette industrie du fuel-ethanol est assez incertain, tout le monde attend que la Californie passe sa sp\u00e9cification de l’essence "reformul\u00e9e" \u00e0 10% d’\u00e9thanol, afin de relancer la demande. Si les prix de l’essence restaient durablement au dessus de ceux de l’\u00e9thanol, la demande en alcool par les raffineurs, s’en trouverait \u00e9galement confort\u00e9e.<\/p>\n

                Attention donc, aux risques financiers pris par l’achat d’actions de ces industries dites "vertes" dont le "business model" n’est pas encore bien \u00e9tay\u00e9. <\/p>\n","protected":false},"excerpt":{"rendered":"

                  2006, c’\u00e9tait l’Eldorado, on achetait les actions d’un producteur de fuel-ethanol am\u00e9ricain et les cours grimpaient. Pacific Ethanol (PEIX) \u00e0 10$ en Janvier 2006 passait les 40$ moins de cinq mois apr\u00e8s. Mais voil\u00e0, les arbres ne montent pas jusqu’au ciel, le cours est revenu depuis \u00e0 moins de […]<\/p>\n","protected":false},"author":341,"featured_media":6686,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-3558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bio-carburants"],"yoast_head":"\nAttention aux bouilleurs de crus am\u00e9ricains - leblogenergie.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2007\/11\/10\/attention-aux-b\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Attention aux bouilleurs de crus am\u00e9ricains - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"                  2006, c’\u00e9tait l’Eldorado, on achetait les actions d’un producteur de fuel-ethanol am\u00e9ricain et les cours grimpaient. Pacific Ethanol (PEIX) \u00e0 10$ en Janvier 2006 passait les 40$ moins de cinq mois apr\u00e8s. 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