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Czech police say planes taking off and landing in Prague have once again received bomb threats.

[Diesel Arbitrage Window Narrows, Overcapacity Suppresses Freight Rates] ⑴ The European diesel arbitrage window is functioning, directing transport demand westward. ⑵ On October 21, the Yanbu-Rotterdam LR2 route opened, with a freight rate of +$31.87/ton for delivery from December 1 to 5, offering ample room for maneuver. ⑶ On October 28, the Sikar-Rotterdam route opened, with a freight rate of -$0.96/ton for delivery from December 16 to 20, but closed again after only one transaction. ⑷ Bookings in the Red Sea, Arabian Gulf, and the Indian West Coast over the past week reflect the locking of the aforementioned LR2 arbitrage window. ⑸ Specifically, this includes the Expedition vessel from Sohar to Rotterdam, with a diesel freight rate of $10 million lump sum, and a loading period starting November 10. (6) The Asp Luna, carrying diesel cargo, departs Yanbu for the UK mainland on November 19th; the Sea Jewel, heading west from Sikka, loads cargo on November 18th and 19th. (7) There are 19 available vessels on LR2 in the Arabian Gulf, compared to a 90-day average of 9 vessels and only 2 vessels on October 2nd. Even with demand from the West, the excess capacity has not been absorbed. (8) The spot TC20 freight rate weakened accordingly, falling by about $30/ton from last week to around $214/ton. (9) Shipowners should lock in long-haul opportunities as early as possible, as excess capacity will continue to drag down freight rates.

[Houston-Rotterdam Diesel Arbitrage Window Open, December Contract an Exception] ⑴ The Houston-Rotterdam diesel arbitrage spread, denominated in USD/ton, was +14.75 on November 26. ⑵ The spread was +0.50 on December 26, +22.75 on January 27, and +24.25 on February 27, with all four windows open. ⑶ The December contract was a notable exception, with the spread remaining largely unchanged, decreasing by 7.50 this week. ⑷ Houston MRsize vessel capacity was tight on the 7th, at 12, below the average of 18.

[Over Half of Japan's Credit Unions Experience System Outages, Basic Service Disruptions Raise Concerns] ⑴ Approximately 54% of Japan's credit unions experienced sudden banking system outages, affecting 128 institutions and about 3,430 branches. ⑵ Customers were unable to withdraw cash, transfer funds, or use basic banking services; the number of affected institutions exceeded half of Japan's total credit unions. ⑶ Officials suspect the outages stemmed from technical issues rather than a cyberattack. ⑷ Recent disruptions to basic services have occurred in multiple locations globally: a few days ago, supermarket freezers in Europe were hacked, with some temperatures approaching 50 degrees Celsius. ⑸ Subsequently, blood storage systems at three facilities in France were disrupted by hackers. ⑹ Now, 128 financial institutions in Japan have experienced banking service disruptions due to a single technical fault. ⑺ These events are independent, but the phenomenon of successive disruptions to critical services is difficult to ignore. ⑻ From food storage to blood supply to fund withdrawals, if such disruptions continue, millions of people may suddenly lose access to the basic services they rely on daily.

The US Democratic Party will target Apple, Meta Platforms, and Musk's companies in its investigation.

Spot gold has just broken through the $4070.00/ounce mark, and is currently trading at $4069.94/ounce, down 0.46% on the day; COMEX gold futures are currently trading at $4079.20/ounce, down 0.83% on the day.