Energy Prices Down on Inventory Report
October 13, 2005
A healthy U.S. petroleum inventory report Thursday drained the energy out of rising oil and gas prices.
Crude oil for November delivery on the New York Mercantile Exchange fell $1.04, or 1.6 percent, to $63.08 per barrel, and natural gas dropped a big 3 percent to close at $13.10 per million Btu.
November heating oil lost 1.88 cents, or 0.9 percent, to end at $1.9969 a gallon, while November unleaded gasoline closed at $1.7579 per gallon, down 6.97 cents, or 3.8 percent.
The Energy Department reported the first increase in the U.S. crude oil supply in seven weeks.