Commodities Slumped On Data, Fed Minutes (USO, UNG, SLV, GLD)

Commodities slumped on Wednesday, extending its prior session’s weakness after the Fed minutes, which signaled less possibility of another QE. Crude for May delivery slumped $1.83, or 1.85%, to $102.16 a barrel on the New York Mercantile Exchange after inventories increase nearly five times larger than expectations. The Energy Information Administration reported that crude stockpiles rose by 9 million barrels in the week ended March 30, compared to analysts’ estimates of 1.9 million barrels. Gasoline inventories fell 1.5 million barrels, while supplies of distillates were unchanged. The analysts surveyed had expected gasoline supplies down 1.6 million barrels, while supplies of distillates had been seen down 600,000 barrels.

Elsewhere in the energy complex, May gasoline lost 3 cents to $3.37 per gallon.May heating fell 3 cents to $3.20 per gallon, while May natural gas slid a penny to $2.18 per million British thermal units.Also, strong dollar is putting pressure on the entire commodity sector with the dollar index was trading higher at 79.83 , from 79.410 in North American trade late Tuesday.

This morning, The ADP employment report said private-sector payrolls rose 209,000 in March and the February count was revised to a gain of 230,000 from an initial estimate of 216,000.Also, he Institute for Supply Management's services-sector index for March slid to 56.0% from 57.3% in February, the private group reported Wednesday, missing economists’ estimates of 56.80%.Gold for June delivery plunged $5.502, or 3.1%, to $1,619.50 an ounce on the Comex division of the New York Mercantile Exchange. Silver futures also slumped $1.93, or 5.8%, to $31.34 an ounce. May copper lost 11 cents, or 2.90%, to $3.81 a pound.Palladium for June delivery slid $20.20, or .06%, to $639.40 an ounce, while platinum for July delivery PLN2 -3.52%  lost $60.90, or nearly 3.60%, to $1,599.60 an ounce.
United States Oil Fund LP (ETF)(NYSEARCA:USO) fell 1.09 (-2.75%) to $38.57, United States Natural Gas Fund, LP(NYSEARCA:UNG) was up 0.04 (0.24%) at $16.39, SPDR Gold Trust (ETF)(NYSEARCA:GLD) lost 3.11 (-1.95%) at $156.74 and iShares Silver Trust (ETF)(NYSEARCA:SLV) declined 1.27 (-4.01%) at $30.38.