Gold Shines ( USO, UNG, GLD, SLV, VTG, UEC, YPF )

Gold Recovers From Recent Falls (USO, UNG, GLD, SLV, VTG, UEC, YPF)

Commodities bounced back slightly on Wednesday after posting heavy losses in the prior session on lingering worries about China’s growth.

In the energy space, Crude oil rose to above $107 a barrel after falling 25 in yesterday’s session as Saudi Arabia said that the country is ready to supply the shortfall of oil in order to bring the prices at fair value.

This morning, the Energy Information Administration reported that crude inventories fell 1.2 million barrels in the week ended March 16, better than expected increase of 2.1 million barrels for the week. The EIA also reported gasoline stockpiles were down 1.2 million barrels, and distillates supplies increased 1.8 million barrels. Analysts were estimating gasoline and distillates supplies to decrease 1.8 million and 1.6 million barrels, respectively.

The dollar index was trading higher at 79.77, from 79.582 in late North American trading Tuesday.

In the metal space. Gold prices bounced back by $4 to $1,651 an ounce on the Comex division of the New York Mercantile Exchange. May silver futures surged 23 cents, or 0.80% to $32.06 per ounce. Copper for the same month added 1 cent, or 0.3%, to $3.84 a pound.. April platinum futures PLJ2 -0.79%   fell $13, or 0.8%, to $1,641 an ounce. Sister metal palladium for June delivery lost $4.20, or 0.60%, to $692.85 an ounce.

United States Oil Fund LP (ETF)(NYSEARCA:USO) surged 0.16 (0.40%) to $40.59, United States Natural Gas Fund, LP(NYSEARCA:UNG) fell 0.66% to $18.16, SPDR Gold Trust (ETF)(NYSEARCA:GLD) rose 0.23% to $160.50 and iShares Silver Trust (ETF)(NYSEARCA:SLV) gained 0.13% to $31.20.

Vantage Drilling Company(NYSEAMEX:VTG) shares jumped 2.60% to $1.59 after the company agreed to acquire the rights for the ultra-deepwater drillship known as Dragonquest for $164M. After delivery, Dragonquest is expected to be used in the Gulf of Mexico, pursuant to a 8-year contract with Petrobras.

Uranium Energy Corp.(NYSEAMEX:UEC) surged 0.52% to $3.87 after acquiring all the rights to a 17.5-acre uranium project in Texas. The company say that it's still studying available oil and gas well data to compute the mineralization potential of the project.

YPF SA (ADR)(NYSE:YPF) soared over 7.50% as the government will not nationalize the country's biggest energy company, and that it only wants the company to boost production.