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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