"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Monday, August 04, 2008

Oil in "Playtex "market scenario ... price lifts and firms on Gulf storms and Israeli table banging

Tropical Storm Edouard has gained speed , moving westward today and is expected to strengthen to a near-hurricane before making landfall somewhere in Texas or southwest Louisiana.

A tropical storm warning was in effect from the mouth of the Mississippi River westward to San Luis Pass in Texas. A hurricane watch was in effect from west of Intracoastal City, La. to Port O'Connor, Texas.

This could pose a threat to the oil area of the northern Gulf of Mexico. Most of the drilling rigs are on its expected route, and the storm may even threaten the refineries along the coast itself. Oil companies have already tried to bulk up precautionary measures on the rigs.

In the summer of 2005, a violent hurricane season, which culminated in August with Katrina, seriously damaged the infrastructure in the Gulf of Mexico source of 30% of US oil and 15% of natural gas.

Bloomberg report that Brent crude oil for September settlement climbed as much as US$1.12, or 0.9% to US$125.30 a barrel on London's ICE Futures Europe exchange, and traded at US$125 at 9:09 a.m. in Singapore.

Threat of action over Iran notches up as Livni rattles sabre on CNN

September delivery of Crude oil rose as much as US $1.21, or 1 % to US$126.31 a barrel in after-hours electronic trading on the New York Mercantile Exchange and traded at US$125.93 at 9:15 a.m. in Singapore.

The contract gained 0.8 % on Aug. 1 on speculation the odds of a military strike against nuclear research facilities in Iran, the world's fourth-largest oil producer, were increasing.

Iran didn't respond to (or put more stringly , simply ignored) an Aug. 2 deadline to an offer from the U.S., Russia, China, France, the U.K. and Germany of economic and diplomatic "incentives "in exchange for the suspension of its uranium-enrichment program.

Extra sanctions are needed, said glamorous, houswife Tzipi Livni, who is also Israel's foreign minister, and future Prime Minister, on Sunday's CNN "Late Edition'' program.

UPDATE : Mercyman53's Weblog - Edouard; Prepare for the Worst and Keep Praying for the Best

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