Section 1: Yahweh as Sovereign Owner of All Creation
The first verse is composed of a synonymous parallelism, the effect of which is to proclaim Yahweh’s absolute ownership of everything in creation, particularly “all who live in it” (Hb’( ybev.yOæw>)). The Hebrew stresses the divine name hwhy by situating it at the front of the sentence; the earth belongs to Yahweh and no other. This emphatic declaration becomes more significant with the substantiatory claim of verse two.
The yKi indicates the subsequent statement serves as a substantiation of the preceding assertion. He is the sovereign owner because He has subdued the forces of chaos in the world, establishing the world upon (l[;) them.
Like the first, the second verse is composed of a synonymous parallelism. The first line of the parallelism proclaims that Yahweh founded the world upon ~y”, a Canaanite deity and cosmic opponent which Yahweh elsewhere is said to have subdued (Ps. 8:27-29). In Canaanite mythology, Baal defeats ~y” in a cosmic battle for sovereignty. But here the claims given to Baal are transplanted to Yahweh. The claims of Baal and ~y” to sovereignty are denied and neither is given authority, neither will threaten Yahweh’s sovereignty. Yahweh, not Baal, defeats ~y” and retains kingship (7-10).
The Qal verb (Hd”_s’y>) is a Complete Perfect, indicating an accomplished action with the entire sequence of events in view. The significance of this is brought to light by the main verb in the parallel statement, h’n<)n>Aky>, a Progressive Imperfect, which indicates the action of “establishing” is still underway. In other words, there is an already-not-yet aspect to the psalm. From “already” standpoint, the world is already founded upon the waters and Yahweh is, therefore, the owner of all things. From the standpoint of the “not yet,” the forces of chaos are still be subdued, but Yahweh owns all things based on the inevitability of that defeat.
The first verse, substantiated by the second, serves as the general assertion that governs and is particularized in the final two sections of the psalm. In other words, Yahweh’s sovereignty over all creation signifies, first, that creation is not morally neutral because Yahweh is not morally neutral. Therefore all creatures who wish to approach Yahweh must possess moral perfection. Second, Yahweh’s sovereignty over all creation naturally moves into the kingship metaphor which is connected in this psalm with a title of warfare.
 It should be noted that the psalm does not indicate any sort of cosmic battle. Though the metaphor of Yahweh as warrior arises within the third section of the psalm, there is no indication, as in Canaanite religion, that Yahweh created the world in the aftermath of battles with other gods. There is some indication elsewhere of a cosmic battle, but the other gods lose their power in Hebrew theology, not only because Yahweh is said to have subdued them, but more particularly because He does so in a way that demythologizes and disarms them, demonstrating they have nothing more than false claims to ownership and authority.
 This comment also serves to relativize the claims of kingship by earthly rulers, including Israelite ones. James Luther Mays, Psalms. (Louisville: John Knox Press, 1994), 120.
 Bill T. Arnold & John H. Choi, A Guide to Biblical Hebrew Syntax.( New York: Cambridge University Press, 2003), 55.
 The other possibility here, and maybe the more likely one, is that this Qal Imperfect with the was consecutive is a Preterite, which would suggest that the Imperfect is merely a stylistic change for the poet, but the meaning would essentially be parallel to that of the previous Qal verb.