Europe is bracing for a potential jet fuel shortage as stocks in key storage hubs have plunged to their lowest levels in seven years, despite a spike in imports from Asia and other regions. Analysts warn that the continent could face a deficit of approximately 510,000 barrels per day in the fourth quarter of 2023.
The latest data shows that jet fuel inventories in Amsterdam, Rotterdam, and Antwerp significantly diminished by mid-September, raising concerns over supply stability. The Swedish Energy Agency has noted that while gasoline and diesel supplies remain stable, jet fuel could encounter short-term constraints across Europe, including in Sweden.
In an attempt to mitigate the looming shortage, Europe has increased its imports of jet fuel from Asia, reaching around 129,000 barrels per day in September. Additional shipments from Canada, Nigeria, and the United States have also contributed to easing immediate supply pressures.
However, the situation remains precarious as global energy markets are under strain due to ongoing conflicts in the Middle East. Recent attacks targeting energy infrastructure in Saudi Arabia have further exacerbated the situation, leading to increased oil and gas prices across Europe.