Energy: America and NM Less Prepared Than Ever

Bloomberg - Oil jumped to the highest in more than two years in New York as intensifying violence in Libya stoked concern that supplies from the holder of Africa’s largest crude reserves may be disrupted. Futures for April delivery in New York rose as much as 9.8 percent from the Feb. 18 settlement and London-traded Brent surged to the highest since September 2008, as soldiers deserted Libyan leader Muammar Qaddafi’s government and diplomats resigned. Brent may trade between $105 and $110 a barrel in coming weeks if uncertainty continues, according to Goldman Sachs Group Inc.

“Libya is quite an important oil exporter, especially to Europe,” said Hannes Loacker, an analyst with Raiffeisen Bank International AG in Vienna. “Now fear and uncertainty is increasing over whether countries in the Gulf may be affected.” Crude for April delivery rose as much as $8.77 to $98.48 a barrel in electronic trading on the New York Mercantile Exchange and was at $98.07 at 8:55 a.m. London time. On Feb. 18, the contract settled at $89.71. Floor trading was closed yesterday for the U.S. Presidents Day holiday and electronic trades will be booked with today’s for settlement purposes. Read full story here: News New Mexico

Energy: America and NM Less Prepared Than Ever