As BP Prepares To Evacuate Staff From A Burning Libya, Commodities Are Exploding

Is this one of those “who could have possibly seen it coming” moments? As events in Libya overnight spiralled out of control, with dozens if not hundreds killed, the parliament buildng in Tripoli on fire, and output at one of the country’s oil fields reported to have been stopped by a workers’ strike, BP has said it will soon begin evacuating some of its personnel from the 9th largest producer of oil. And just to complete the total chaos, Iran warships are now going to pass the Suez on Tuesday instead of today, to the full glory of a fully open US stock market. The result: gold over $1,400; silver over $33.50; Crude front month over $93; Brent over $105; etc. Luckily, the US stock market is closed, meaning all this will be “priced in” by tomorrow, and the HFT levitation can resume tomorrow as if today never happened…

Some of the key overnight highlights:

Dozens of people were reported killed in Tripoli overnight as anti-government protests reached the Libyan capital for the first time and the building where the country’s parliament meets was ablaze on Monday.

One of Muammar Gaddafi’s sons said the veteran leader would fight the popular revolt that has shaken his 40-year rule until “the last man standing.”

Anti-government protesters rallied in Tripoli’s streets, tribal leaders spoke out against Gaddafi, and army units defected to the opposition in a revolt that has cost the lives of more than 200 people.

Output at one of the country’s oil fields was reported to have been stopped by a workers’ strike and some European oil companies withdrew expatriate workers and suspended operations.

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I wear many hats but history, economics and political observance have always been a passion. I am a graduate of the University of Cincinnati College of Business with a degree in Information Systems and Digital Business with a minor in European History. I work for a small mom-and-pop IT consulting and software design company. We deal in servicing mostly government funded non-profit mental and behavioral health care agencies in the state of Ohio. In this I deal with Medicaid and Medicare funds and have a little insight on the boondoggles of government there. Thankfully the undemanding nature of my daily profession gives me ample time to read and stay aware of our current state of affairs which I find stranger than fiction in many instances. In addition to being in the IT field, I have also been self employed with a small contracting company so I might know a thing or two about the plight of small business that employs 71% of the American workforce. I however don't draw my knowledge from my day jobs, which I have had a few; I draw it from an intense obsession with facts and observation about the world in which I live. I do have formal education in things such as history, economics and finance particularly as it pertains to global issues, but I have come to find much of what I thought I knew from the formalities of a state university I had to unlearn through much time and independent research. I hope you enjoy what I bring you which is not often heard in the mainstream news outlets. I would like to think my own personal editorializing is not only edifying but thought provoking while not at all obnoxious. That last one may be a hard to achieve.

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