Updated from 3:40 p.m. EDTOil futures closed down Monday as traders continued to size up the effect two recent hurricanes in the Gulf of Mexico will have on shipments of petroleum products. Crude oil for November delivery closed down 77 cents to $65.47 a barrel in Nymex trading. Natural gas finished up 10 cents to $14.02 per mmBtu. Unleaded gasoline futures closed down 3 cents at $2.06 a gallon, and heating oil lost about 4.9 cents to about $2.09 a gallon. "We had all weekend to be worried," said Phil Flynn, senior market analyst at Alaron Trading. "And when we came in on Monday morning there was no new news to keep us worried." The U.S. Minerals Management Service said nearly 93% of the daily oil production in the Gulf is shut down because of hurricanes Katrina and Rita. The agency said about 75% of the area's gas production is shut in. "Ninety-three percent is better than 100%," Flynn said. "But it's still a huge number. This report shows there are still some significant challenges in getting the Gulf back to normal. But the longest journey begins with a single step." The hurricane season is not over. Weather forecaster Dr. William Gray of Colorado State University said October could see three more hurricanes, with one of them classified as a major hurricane, which would mean winds of at least 111 mph. Shares of major oil companies rose earlier, but Chevron ( CVX), Exxon Mobil ( XOM) and ConocoPhillips ( COP) all lost their gains by the time the closing bell sounded. ConocoPhillips said about 20,000 barrels of oil equivalent production a day has been lost because of storms. The company's average crude oil refining capacity utilization rate for the third quarter will probably be in the mid-90% range, mainly because of the impact of hurricanes Katrina and Rita.