Energy Futures Fall
MARKETSCOPE : Energy futures fell on Thursday, as investors took profits following news of supply.
Volatile November West Texas Intermediate crude oil prices fell $1.04 to $63.08, as inventory reports showed crude oil stocks rose and products fell. At the same time the Department of Energy reported that gasoline demand fell 2.4%, distillate demand eased 4.0%, and jet fuel demand fell 4.4% over the past four weeks. This offset reports about 70% of the Gulf Coast refineries being still out of service due to hurricanes, flooding, and lack of electricity.
November natural gas futures skidded 42 cents to $13.10, as inventories rose despite the hurricane damage. November heating oil futures fell 1.88 cents to 199.69 cents and November gasoline futures plunged 6.97 cents to 175.79 cents.