Europe Jet Fuel Stocks Near 20-Day Low

J.P. Morgan warns Europe could face jet fuel shortages as early as June with commercial inventory falling below 20 days.
Even with 75% replacement of Middle East imports, stock cover stays under 20 days by August, coinciding with peak aviation demand.
Europe imports 0.5 mb/d (≈30% of 1.6 mb/d demand), 70% sourced from Middle East; strategic reserves could raise coverage to 50‑55 days.
Refining margins pressure translates to 3% EPS impact per $1/bbl shift, with Repsol most sensitive (7% EPS) and Shell/BP least exposed.