US refining margins fall, analysts say below cost

* U.S. refining margins about 50 cents

* Weak gasoline pressures

LONDON, Nov 9 (Reuters) - Weekly profit levels of complex refiners in the U.S. oil hub slipped to below $1, Reuters data showed on Monday, levels at which analysts said may not be enough to cover operating costs.

Complex refiners in the U.S. Gulf coast posted an average profit of 52 cents for cracking one barrel of West Texas Intermediate last week, compared with the average $2.09 profit in the previous week.

Weekly U.S. Gulf coast margins have remained below $1 levels most of the time since late October except for two weeks. [REF/MARGIN1]

The Reuters model is a rough indicator of refining margins and actual margins defer depending on the configuration of individual refiners, crude oil slate and freight costs.

Analysts said some refiners might be unable to cover the costs of operation with current refining margin levels.

"We should expect to see continued pressure at the refining level to process at lower capacity utilization," Olivier Jakob with Swiss based Petromatrix said, using the 3-2-1 and 2-1-1 models. OILARB