by Edward Hugh: Barcelona"The Kazakh government is ready to step in,'' Kazakhstan's Prime Minister Karim Masimov said this morning in a telephone interview with Bloomberg "The Kazakh banking system with the support of the government and central bank will fulfill all obligations to international investors.....We have our own specific plan to survive without any external support....I don't think we need support from the International Monetary Fund or overseas.'' Well that is good news, so at least we know that one of the CIS and CEE economies won't be looking to the IMF for bail-out support in this crisis which is presently growing by the day. So Kazakstan, that country which is reputedly host to reserves of approximately 95% of the elements in the periodic table, with a population of around 15 million housed on a surface area greater than the whole of Western Europe, is going to be able to look after itself. But hang on a minute, just where is Kazakhstan, and just what have they been getting up to over there, and why the hell should I take Karim Masimov's word for it, when just about all the other Iceland Look-alike show contestants seem to be saying the same? After all, didn't those extermely bright and able young people over at RBC Capital Markets in Toronto say in a report only last week that, along with Latvia, the country's $100 billion oil-led economy is among the most vulnerable to the present global credit crisis and the skid-row economic trajectories that go with it simply because of its excessive reliance on short-term foreign borrowing. And isn't it the case that the cost of protecting Kazakhstan government debt against default has more than doubled this month - to over 1,000 basis points (or 10%), the level for borrowers that investors term ``distressed,'' according to CMA Datavision credit-default swap prices. Only Ukraine, which as we know is already seeking IMF support, is classified as being a bigger risk among European emerging-market governments. Surely all those highly dedicated, bright, and extremely able young people who are doing all that trading know what they are about, don't they?

Despite severe economic turmoil, demand for oil is rising significantly—in fact, it will land somewhere in the range of $150 to $157, according to Roger Wiegand, editor of Trader Tracks. In this exclusive interview with The Energy Report, Wiegand takes a close look at the untamed commodities bull and names some of his favorite buys.

The Energy Report: How does you think oil will play out in current economic scenario?

Roger Wiegand: The big sell-off during the past month or two was triggered when the funds bailed out. Roughly 50% of the CRB—the commodities index—is in oil. When oil moves, it moves the index. The sell-off brought oil down from a high of $147 to roughly $90. It bounced back up to $108 to $110; $108.50 is a good support and resistance level for oil today. The next price up should be $112.50, then $122.50, followed by a couple of more …

Sometimes innovative ideas are washed away and sometimes brilliant ideas are overlooked. Malcolm Bendall may be a genius who has been overlooked.

For over 30 years, Bendall, the CEO of the Kansas-based company Empire Energy Corporation International has been trying to convince the world that there is undiscovered oil and gas buried in Tasmania, Australia where neither has ever been found. In the process, Bendall has raised tens of millions of dollars for seismic and other geological studies that indicate the possibility that he may have been right. Soon, we will know if Bendall is right.

Last week, Bendall announced that Empire has become the first company to drill for oil and gas in Tasmania. Upon starting this process, it has been discovered that the independent firm RPS Energy has estimated the prospective presence of over 2.2 Billion barrels of trapped petroleum on Empire’s Tasmanian licensed area.

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Holy cow - you've got imagine that any government who lands a deal with Venezuelan President Hugo Chavez has got to cringe a little bit with the hyperbolic statements he tends to make afterward. This one comes from the Wall Street Journal report on the Venezuela-China agreement to build two oil refineries ... a creeping relationship we've been warning about for a while. "China is showing the world that it isn't necessary to harm anyone to be a great power. They are soldiers of peace," he said, according to a Venezuelan government statement. Asked about his absence from talks this week on the sidelines of the United Nations in New York, Mr. Chavez said: "It's much more important to be in Beijing than in New York."

Lehman (LEH) meetings will continue today and thanks to hurricane Ike we return to $4 gas.  Two fun events that should make for another flip-floppy week on Wall Street. First up, Lehman suiters could be Bank of America and Britain's Barclays, both have emerged as the front runners among potential buyers. They're reportedly hoping the government will provide some assistance, as it did when it helped JPMorgan Chase buy Bear Stearns in March Gas prices are poised to shoot back toward record highs after Hurricane Ike's direct hit to the heart of the nation's oil refineries, analysts said. StockMaster Ads, because Ads are neat var mooter_ad_format="0"; var mooter_terms = ""; var mooter_affiliate = "frankl"; var mooter_sub = "8174382321283796445"; var mooter_uid = "8174382321283796445"; var mooter_IP = ""; var mooter_width = "300"; var mooter_height = "250"; var mooter_num_to_show = "4"; var mooter_background = ...

My latest column is up at RealMoney as part of my series on wallflowers - stocks that have little or no analyst coverage. In this column I look at Innospec (IOSP), which makes fuel additives and other specialty chemicals that are sold primarily to oil refineries and other chemical and industrial companies. The company operates in three segments: fuel specialties, active chemicals and octane additives. Innospec has a monopoly position in the rapidly declining business of tetraethyl lead additives for gasoline. In the past, declines in that business have overshadowed growth in the remainder of the firm. Now accounting for just 16% of total revenue, I think the lead weight is becoming less burdensome. Innospec scores well in my models: Earnings momentum: Positive Earnings quality: Neutral Price momentum: Positive Free cash flow: Neutral Return potential: Positive Disclosure: At time of publication, William Trent has no position in the companies mentioned in this article. Sponsor: Financial Education Everything ...

The title says it all. Global economy is on the rise with never-before-seen demand for natural resources and their applications.