Energy Prices Up Amid Short Covering
MARKETSCOPE: Energy prices rose in early trading on Tuesday, as investors covered their short sales following the market's recent slide.
October West Texas Intermediate crude oil rose 43 points to $63.77, October heating oil futures were up 2.38 cents to 183.81 cents, and October gasoline futures were up 1.12 cents to 188.49 cents on Access. London dealers perceived no news to account for the rebound, but some traders might be squaring positions ahead of tomorrow's inventory reports.
Investors seem to be ignoring the Energy Deptartment official's contention that rising imports, new winter-blended supply and a seasonal drop in fuel demand will compensate for the shortfall caused by Hurricane Katrina that has shut down four Gulf Coast refineries.