Oil traders weigh up emergency Syria release.

Many oil traders are still nervously that a US-France or UN military strike could have wider regional repercussions, from attack on pipelines in neighbouring Iraq to trouble in the Gulf from Iran, an ally of Syria. Behind the weaponry US is assembling around Syria is a shield: America's strategic petroleum reserve. Analysts are now debating the odds and impact of another. The America's government emergency crude oil stock-pile offers the President Obama some reassurance over the risk of a sharp jump in oil prices, as he steps up efforts to persuade Congess to approve a military strike against Assad's regime. The Us reserve consists of crude parked in salt caverns near the refineries lining the Gulf of Mexico. The market, however, appears in better shape than in June 2011, when the Lybian crisis had cut off 1,5m barrels per day of high -value light, sweet crude. By contrast, to-day, that followed has just ended. Yet, from another perspective, the oil market is tight. Problems in Lybia, Iraq and Nigeria, as well as sanctions on Iran, have removed more than 3m b/d from the world production. Oil prices are also elevated. Washington could even suspend the ban on crude exports that has been in place since 1975. Even if Obama takes those measures, though, betting on medium-term price moves following a release will be risky. European utilities warn EU over a energy risk. Nine   of Europe's biggest utilities have joined forces, in fact, to warn the Europe's energy policies are puting the continet's power supplies. Russia launched an unexpected diplomatic initiative to defuse the Syrian crisis; Moscow could profit from energy drive, but Russia il also worried about the Syrian crisis.
Casalino Pierluigi, 18.09.2013