Energy Futures Lower
MARKETSCOPE : Energy futures were down sharply on Friday, following government reports showing that U.S. refining capacity is back to about 90% of normal levels.
Also, Saudi Arabia is producing at high levels. At the same time, inventory reports showing decreased demand are putting pressure on prices that have surged on speculation and industry hedging.
November West Texas Intermediate crude oil was off 57 cents to $62.51, November heating oil futures were off 4.64 cents to 195.05 cents, and November gasoline futures were off 1.99 cents to 173.80 cents on Access. November natural gas futures were off 17 cents to $12.93, as inventories have risen.
Markets were battered on profit taking Thursday.