Europe is heading toward a 510,000 barrels/day jet fuel deficit in Q4, despite increasing imports from distant suppliers.
📉 Europe deficit: 510K bpd 🇰🇷 South Korea → Europe: 129K bpd in September 📦 Korean shipments: highest since Oct. 2022 🛢️ ARA jet fuel stocks: 7-year low 🇺🇸 U.S. surplus: 18K bpd 🌏 Asia-Pacific surplus: 419K bpd
🔥 Middle East disruptions have cut around half of Europe’s jet fuel imports, forcing the region to source barrels from the U.S., Canada, Nigeria and now South Korea.
👀 Could tighter jet fuel supplies push European energy prices even higher?
Kenya produced just 329.1 kg of gold in 2025, down 8.2% from 2024.
📊 Gold output trend: 2020 → 149.9 kg 2021 → 291.5 kg 2022 → 563.6 kg 🔥 2023 → 410 kg 2024 → 358.5 kg 2025 → 329.1 kg
📉 Output has fallen about 42% from the 2022 peak.
President William Ruto says Kenya is working with the Central Bank of Kenya to process locally mined gold domestically, with the CBK set to become the primary buyer.
👀 Could tighter domestic gold controls reshape Kenya’s gold market?
ECB policymaker Olli Rehn says there are no clear signs of second-round inflation effects in the eurozone.
📌 Eurozone labor markets remain less tight than in 2022 📌 ECB continues monitoring inflation and labor data 📌 Rehn backs joint EU debt for stronger defense spending 📌 ECB is also watching Europe’s political landscape ahead of elections
💶 What could this mean for ECB rate expectations and the euro?
🚨 GOOGLE AVOIDS AD-TECH BREAKUP — BUT FACES NEW RULES!
A U.S. judge ruled that Google must change some online advertising practices after finding it maintained an illegal monopoly in parts of ad tech.
⚖️ Key remedies: • Relax rules around ad auctions • Websites won't be required to use Google AdX • Appoint an internal antitrust compliance monitor • Changes must remain for 6 years
❌ The judge rejected the DOJ's demand to break up Google's ad-tech business.
📊 Digital ad spending could reach $605B next year, while advertising generated about 73% of Alphabet's revenue last year.
🚨 BREAKING: SOUTH AFRICA PRESIDENT OFF PUBLIC DUTIES 🇿🇦
President Cyril Ramaphosa, 73, has been advised by his medical team to rest and recover, his office said Wednesday.
📌 Returned from the BRICS summit in India on Monday 📌 Cabinet ministers will represent him at scheduled events where possible 📌 Foreign Minister Ronald Lamola will lead South Africa’s UN delegation
⚠️ Ramaphosa’s office did not specify how long he will be away from public engagements.
Germany’s gas storage is only 56% full heading into winter — the lowest level in at least 15 years. 🇩🇪🔥
⚠️ Higher gas prices + backwardation are discouraging traders from refilling inventories. Germany is considering stronger market incentives as officials warn that a cold winter could trigger supply shortages.
📌 Key level: Storage target ~77% Energy markets are back in focus.
🚨 BREAKING: Senate Vote Could Shape the Future of U.S. Crypto Regulation
The U.S. Senate is set to vote today on advancing the CLARITY Act, a landmark bill that could establish a comprehensive regulatory framework for digital assets.
📌 Why it matters: • 60 votes are needed to advance • Passage could reduce regulatory uncertainty • Clearer rules may unlock more institutional crypto activity • Failure or another delay could keep uncertainty elevated • Banking groups remain concerned about stablecoin competition
💡 Market takeaway: Crypto has largely priced in delays, so passage could be a positive catalyst, while another setback may create short-term pressure without necessarily triggering a major market shock.