A loose fuel cap shouldn't require a tool to reset the CEL.
If that indeed was your problem, give it a few days / miles / cycles to go through and hopefully it'll go off on its own.
Wouldn't hurt to check for cracked hoses under the hood.
As an aside, resetting the CEL on an early S40 can be troublesome.
I purchased a ScanGauge II when we got our '01 S40 in 2009. It was the first car that I ever experienced a CEL and the ScanGauge II came recommended by another S40 forum. Well, it read the codes, but wouldn't reset the CEL.
I inquired to the maker of the ScanGauge II and they were surprised that it didn't work on the S40 but were also extremely helpful. They sent me a step by step procedure to reset the ECU. The ScanGauge II has reset the CEL every time since then.
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"Differences of opinions should be tolerated, but not if they're too different' - Sharon Craig
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