Commodities Extend Losses, Crude Slumped 4% (USO, UNG, SLV, GLD, CNX, FSLR)

Crude oil slumped to three-month low on Friday to well below $100 mark as  data showed that the U.S. economy created fewer jobs than expected in April, adding to worries about the health of the recovery.
Crude for June delivery plunged $4.56, or 4.4%, to $97.98 a barrel on the New York Mercantile Exchange. So far for the week crude is oil down about 6%.

This morning the Labor Department reported that U.S. nonfarm payrolls expanded 115,000 last month, well below expected 163,000 by the economists surveyed. The unemployment rate edged lower to 8.1% from 8.2%, but it fell because more people stopped looking for work. On the brighter side, job growth was revised modestly higher for both March and February. The increase in employment in March was revised up to 154,000 from an initial reading of 120,000. And the gain in February was revised up to 259,000 from 240,000.

Gold for June delivery was recently up $3.50 or 0.20% to $1,638 an ounce on the Comex division of the New York Mercantile Exchange. The ICE dollar index, which measures the U.S. unit against a basket of six other currencies, dipped to 79.49 from 79.213 late Thursday. Copper for July delivery fell 7%, to $3.71 per pound. July silver added 0.30%, to $30.09 an ounce. July platinum lost 0.40%, to $1,526 an ounce, while palladium for June delivery declined 1.40%, to $652 an ounce.

United States Oil Fund LP (ETF)(NYSEARCA:USO) was down 1.70 (-4.38%) at $37.13, SPDR Gold Trust (ETF)(NYSEARCA:GLD) added 0.18 (0.11%)to $159.15, iShares Silver Trust (ETF)(NYSEARCA:SLV) rose  to $29.35 and United States Natural Gas Fund, LP(NYSEARCA:UNG) fell 0.38 (-2.27%) to $16.35.
CONSOL Energy Inc.(NYSE:CNX) was down 1.50% after S&P lowers its outlook on the company to stable from positive, maintaining its rating, saying the coal producer and the industry at large face challenges in 2012 that will crimp performance, although its low-cost coal operations should remain strong enough to fund its capex programs and maintain its finances.
First Solar, Inc.(NASDAQ:FSLR) plunged 6% to $16.98 after badly missing Q1 estimates and appointing a permanent CEO, though the bloodletting seen in recent months is limiting its decline. During its earnings call, First Solar noted ASPs for solar modules fell another 13% Q/Q in 2012, though it expects pricing to improve. DNB Markets is upgrading shares to Buy on hopes of improving cash flow. Others are more cautious for the expected reasons.