Commodities Spoil This Morning ( USO, UNG, GLD, SLV, FCEL, DQ, FSLR )

Commodities: Worst Performing Asset On Thursday (USO, UNG, GLD, SLV, FCEL, DQ, FSLR)

The entire commodities market is trading sharply lower on Thursday, taking cues from downbeat data from China and Europe, where the manufacturing activities continued to reduce. Crude oil slumped about 2.40% to below $105 a barrel on reports that France and other industrialized nations are considering the release of some strategic oil reserves.
Traders would keep their focus on to hear what President Barack Obama has to say about the potential release as he visits an oil hub in Oklahoma.
HSBC’s preliminary manufacturing Purchasing Managers’ Index for China fell to 48.1 in March, down from a 49.6 reading in February, indicating that Chinese factory activity is contracting at a faster pace than before.
In Europe, PMI fell to 48.7 in March from 49.3 in February, missing analysts’ expectations of a slight improvement.
Natural gas for April slumped about 3.0% to $2.28 per million British thermal units on the New York Mercantile Exchange. The Energy Information Administration reported an rise of 11 billion cubic feet for the week ended March 16, missing analysts’ estimates of a rise of 7 bcf and 11 bcf.

In the metal space, Gold for April delivery corrected $13.40, or 0.80%, to $1,637.20 an ounce on the Comex division of the New York Mercantile Exchange.
Among other metals early Thursday, May silver was off 74 cents, or 2.3%, to $31.49 per ounce. Copper for the same month fell 8 cents, or 2.1%, to $3.77 a pound. April platinum shed $23, or 1.4%, to $1,616.80 an ounce. The June contract for sister metal palladium lost $31.25, or 4.54%, to $657.40 an ounce.

United States Oil Fund LP (ETF)(NYSEARCA:USO) fell 1.57% to $40.02, United States Natural Gas Fund, LP(NYSEARCA:UNG) lost 2.20% to $18.01. SPDR Gold Trust (ETF)(NYSEARCA:GLD) is down 0.50% to $159.54, iShares Silver Trust (ETF)(NYSEARCA:SLV))declined 1.73% to $30.67.
First Solar, Inc.(NASDAQ:FSLR) is bouncing back from its recent fall after the company selling a 50MW Nevada solar plant project to Enbridge . The company says it will recognize revenue from the relatively modest project, which uses the company's solar modules, in Q2
Daqo New Energy Corp.(NYSE:DQ) slumped over 5% after missing Q4 estimates as revenue plummeted over 50% Y/Y. The company also announced a delay in the its phase 1 debottlenecking and hydrochlorination project by one year.
FuelCell Energy, Inc.(NASDAQ:FCEL) slumped over 10% after the company priced public offering of 20 million shares at $1.50 a share, a 15% discount to Wednesday's close of $1.76 a share.