Risk Off: Commodity Complex Jumps On Reports Libyan Oil Wells Near Benghazi On Fire
In a not so surprising turn of events, adverse Libyan newsflow has picked up just as expected, with Reuters reporting that the Oil facility at Zueitina, south of Benghazi, is now damaged and oil wells are now on fire, and that a Libyan rebel convoy is now headed to Ras Lanuf according to Al Jazeera even as fighting in Tripoli picks up, although as we noted previously don't expect any coverage as all the journalists there are now rounded up "for their safety from Al Qaeda" and the terrorist organizations crazy pills. The result: WTI now passing $103, wiping out more tens of billions from the US GDP, further destroying corporate margins, and otherwise adding fuel to today's vapormeltup. Gold and silver follow suit.
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