NYMEX-Crude skids over 3 pct as jobless ranks swell

NEW YORK, Nov 6 (Reuters) - U.S. crude futures were down
more than 3 percent near midday on Thursday after government
data showing the unemployment rate at its highest in 26-1/2
years spurred further worries about petroleum demand.

The report extended losses from Thursday, when oil futures
fell in a delayed reaction to midweek's government inventory
data showing U.S. total oil product demand over the past four
weeks was down 4.5 percent from a year ago. [EIA/S]

The oil markets did not heed signals from Wall Street,
which, despite the unemployment data, rose as the latest
jobless report showed monthly payroll losses had slowed, even
as unemployment rose to 10.2 percent, the highest since April
1983. [.N]

"If the crude oil market continues to underperform relative
to the equity markets as it has of late, we think it will call
greater attention to the direct fundamentals for the petroleum
markets, which remain weak," said Tim Evans, energy analyst at
Citi Futures Perspective in New York.

"Surplus stocks, soft demand, rising OPEC production and an
ongoing projected supply/demand surplus all point to the
potential for a substantial downward price correction from
current levels, in our view," Evans added.

U.S. employers cut 190,000 jobs in October, the Labor
Department said, more than the 175,000 markets had expected,
but fewer than the 219,000 lost in September. [ID:nN06185036]

The dollar rose against the euro and a basket of major
currencies as the jobs report lifted safe-haven demand for the
greenback. [USD/]

U.S. oil producers and refiners said operations were normal
in and around the Gulf of Mexico early Friday as they monitored
weather systems that could threaten offshore platforms and
coastal facilities in the next several days. [ID:nN06188957]

PRICES

* On the New York Mercantile Exchange, crude for December
delivery CLZ9 was down $2.65, or 3.33 percent, at $76.97 a
barrel, having fallen to a session low of $76.91 earlier. The
session high was $80.34.

* In London, December Brent crude LCOZ9 was down $2.51,
or 3.22 percent, at $75.48 a barrel, trading from $75.40 to
$78.81.

* NYMEX December RBOB RBZ9 slumped 7.42 cents, or 3.73
percent, to $1.9135 a gallon, trading from $1.9116 to $2.0005.

* NYMEX December heating oil HOZ9 skidded 7.33 cents, or
3.56 percent, to $1.9843 a gallon, trading from $1.9821 to
$2.0739.

* The December/December RBOB crack spread <0#RB-CL=R> was
at $3.40, after ending at $3.86 on Thursday. The
December/December heating oil crack spread <0#CL-HO=R> was at
$6.37, after ending at $6.80 on Thursday.

* The spread between the current front month and the
five-year forward crude contract CLc61 was at $15.02, based
on the December 2014 contract Thursday settlement at $91.99.
The spread ended Thursday at $12.37.

TECHNICALS

NYMEX crude 10-day/20-day moving average: $78.98/$78.52

Technical support/resistance:

NYMEX crude: $78.16/$82.00

NYMEX heating oil: $1.9650/$2.10

NYMEX RBOB: $1.9330/$2.00

For a full report on technicals, click on [ID:nL6437897]

MARKET NEWS

* U.S. wholesalers continued liquidating their inventories
in September, with stocks falling for the 13th consecutive
month and sales increasing for the fifth straight month,
Commerce Department Data showed on Friday. [ID:nN06184858]

* Ida, which weakened to a tropical depression near the
Honduras-Nicaragua border Friday morning, could break into the
Northwest Caribbean on Saturday and reach the Gulf of Mexico
early Monday, the National Hurricane Center said.

* Elsewhere, weather forecaster AccuWeather.com reported
that a yet unnamed system brewing in the southwestern Gulf of
Mexico could deliver disruptive tropical storm conditions.

* For a list of recent refinery and unit shutdowns and
restarts, click [REF/US].
(Reporting by Gene Ramos and Robert Gibbons)