MARKETSCOPE : Energy futures were lower on Thursday, as investors bet that Hurricane Wilma will not go into the U.S. oil producing areas of the Gulf of Mexico.
Mexico, however, was clearing out some of its oil facilities. November West Texas Intermediate crude was off $2.01 to $60.40, but up from its $59.85 low.
The market has been defensive for the past two weeks on the perception that demand has fallen. Meanwhile dealers say there's plenty of crude oil in storage and there's a cushion of heating oil heading into the winter. Gasoline refining capacity was still a bit low, however.
November heating oil futures were off 4.84 cents to 186.50 cents, November gasoline futures were off 7.03 cents to 160.60 cents, and November natural gas futures were down 62 cents to $12.93 following a report of a huge storage increase.