* U.S. non-farm payrolls fall 467,000 in June
* Jobless rate 9.5 pct, highest since August 1983
* Wall Street sinks, dollar rises on jobless data
NEW YORK, July 2 (Reuters) - U.S. crude oil futures were
down nearly 4 percent on Thursday as government data showing
that the jobless rate in June rose to the highest level in 26
years sparked fresh worries about a recovery from recession.
For the oil markets, the gloomy economic data prompted
selling ahead of the July 4 Independence Day weekend holiday as
the latest data stirred worries about oil demand.
"It shows an economy still in distress that can only be
echoed in earnings reports after the holidays," said Mike
Fitzpatrick, vice president at MF Global in New York.
U.S. employers cut 467,000 jobs in June, while the
unemployment rate rose to 9.5 percent, the Labor Department
said. [ID:nN01210643]
The June job losses were more than 100,000 greater than the
363,000 consensus of Wall Street economists polled by Reuters
and broke a four-month trend of moderation in job losses.
But the number of U.S. workers filing new claims for
jobless benefits fell by 16,000 last week, and the number
staying on the rolls after collecting an initial week of aid
also fell, the government said. [ID:nN01517124]
The day's slide extended losses suffered on Wednesday after
the government's oil inventory report showed gasoline and
distillate fuel supplies rose sharply last week. [EIA/S]
NYMEX floor trading will be closed Friday for the U.S.
Independence Day holiday. Electronic trading on Globex will not
be affected.
PRICES
* On the New York Mercantile Exchange at 11:40 a.m EDT
(1540 GMT), August crude CLQ9 was down $2.52, or 3.64
percent, at $66.79 a barrel, trading from $66.54 to $69.74.
Tuesday's $73.38 peak was the highest intraday front-month
crude oil price since Oct. 21, when crude hit $75.69.
* In London, August Brent crude LCOQ9 fell $2.17, or 3.15
percent, to $66.62, trading from $66.33 to $69.19.
* NYMEX August RBOB RBQ9 dropped 6.76 cents or 3.64
percent, at $1.7914 a gallon, trading from $1.7822 to $1.8696.
* NYMEX August heating oil HOQ9 slid 6.12 cents, or 3.47
percent, at $1.7045 a gallon, trading from $1.6968 to $1.77.
* The August/August RBOB crack spread <0#RB-CL=R> was at
$8.45, after ending at $8.77 on Wednesday. The August/August
heating oil crack spread <0#CL-HO=R> was at $4.80, after ending
at $4.85 on Wednesday.
* The spread between the current front month and the
five-year forward crude contract CLc61 was at $17, based on
the August 2014 contract Wednesday settlement at $83.72. The
spread ended Wednesday at $14.41.
TECHNICALS
NYMEX crude 10-day/20-day moving average: $69.27/$69.94
Technical support/resistance:
NYMEX crude: $66.37/$71.85
NYMEX heating oil: $1.7293/$1.8024
NYMEX RBOB: $1.8154/$1.9026
For a full report on technicals, click on [ID:nL2581433]
MARKET NEWS
* The dollar extended gains versus the euro and fell
against the yen on the U.S. non-farm payrolls report. [USD/]
* U.S. stocks fell sharply after release of the payrolls
data, which dimmed hopes of a quick economic recovery. [.N]
* OPEC oil exports, excluding Angola and Ecuador, were
forecast to fall 220,000 barrels per day in the four weeks to
July 18, according to a weekly estimate from UK consultancy Oil
Movements. [ID:nWLA8174]
* The U.S. Energy Information Administration said U.S.
natural gas storage rose 70 billion cubic feet last week, below
the forecast for a 75 bcf build in a Reuters poll.
[ID:nEIA000815]. For natural gas market report see ]NGS/]
* China's crude oil stocks were at record high levels at
the end of May, but the gains narrowed compared with past
months, as hefty oil imports were largely consumed because of
refiners' record operational levels. [ID:nSP518253]
* Russian oil output edged up in June, while natural gas
production continued its steepest decline in a decade because
of low demand in Russia and Europe, energy ministry data
showed. [ID:nL2499861]
* London-based oil broker PVM Oil Futures Ltd is
investigating unauthorized trades that left it with losses of
almost $10 million, the company said. [ID:nL2875683]
(Reporting by Gene Ramos and Robert Gibbons; Editing by
Marguerita Choy)
