Europe is heading toward a fourth-quarter jet fuel deficit of 510,000 barrels per day, while the United States and Asia-Pacific are forecast to post surpluses of 18,000 bpd and 419,000 bpd, respectively. The supply gap has pushed the continent to seek cargoes from distant suppliers, including South Korea, Nigeria, the United States and Canada, after the outbreak of the Iran war more than half a year ago disrupted Middle Eastern supplies and cut off around half of Europe’s jet fuel imports. South Korean deliveries to Europe reached 129,000 bpd in September, the highest level since October 2022, according to Kpler, with LSEG data showing similar volumes. Europe’s jet fuel inventories at the Amsterdam-Rotterdam-Antwerp (ARA) hub fell to a seven-year low in the week to September 10. The resulting price spread between European and Asian diesel markets is making exports to Europe more profitable, while rising Middle Eastern tensions leave the region exposed to further disruption. South Korean jet fuel output reached almost 13.89 million barrels in July, a seven-year high, and exports reached a three-and-a-half-year high. Refinery runs rose 16% from June to 2.7 million barrels per day in July, and traders expect August crude processing to be higher than July.