With Libyan oil reportedly burning, the Euro is not liking the news.

Key to Europe's oil needs will now be Nigeria where rebels have attacked oil facilities numerous times over the last ear or so. Nigeria produces nearly 10 grades of oil, many suitable for replacing Libya's low sulfur content-unlike Saudi Crude. Watch events in Nigeria very closely, this is a fulcrum and instability there will have profound effects on Europe, thus the market and commodities complex.