Italy’s lube demand held steady in April from year-earlier levels as a rise in consumption of automobile lubricants countered a drop in industrial oils demand.The steady consumption raised the prospect of a muted recovery in Europe’s lube demand so far this year.Italy’s lube demand is a useful bellwether for the state of Europe’s lube consumption in view of the similar direction of their growth trends.Lube consumption data for other markets tends to be released at least several weeks after Italy.A weak or uneven recovery in Europe’s lube demand incentivized blenders to maintain lower stocks until they were confident about a more sustained pick-up in consumption.Lower inventories in turn exposed blenders to the risk of less predictable supply if base oils availability tightened, especially of certain grades.That risk grew following the recent closure of a Group I base oils unit in Italy.Europe’s Group I base oils prices rose in recent weeks, mostly in response to tighter supply.Italy’s lube consumption of 29,300 tonnes in April was similar to year-earlier levels of 29,100 tonnes, government data showed.Steady consumption improved from a 12% fall in demand in March from the previous year.The April volume was still low.Excluding the year 2020, Italy’s lube demand had previously met or exceeded the 30,000-tonne level in the month of April every year over the past decade.Italy's lube demand got support in April from a 9% rise in automobile lube consumption, with passenger-car motor oils demand climbing by 12%.Industrial oils consumption fell by 6% and for a second month in April, mostly because of a slump in consumption of process oils..Spain’s March lube demand falls.France’s March lube demand falls
Italy’s lube demand held steady in April from year-earlier levels as a rise in consumption of automobile lubricants countered a drop in industrial oils demand.The steady consumption raised the prospect of a muted recovery in Europe’s lube demand so far this year.Italy’s lube demand is a useful bellwether for the state of Europe’s lube consumption in view of the similar direction of their growth trends.Lube consumption data for other markets tends to be released at least several weeks after Italy.A weak or uneven recovery in Europe’s lube demand incentivized blenders to maintain lower stocks until they were confident about a more sustained pick-up in consumption.Lower inventories in turn exposed blenders to the risk of less predictable supply if base oils availability tightened, especially of certain grades.That risk grew following the recent closure of a Group I base oils unit in Italy.Europe’s Group I base oils prices rose in recent weeks, mostly in response to tighter supply.Italy’s lube consumption of 29,300 tonnes in April was similar to year-earlier levels of 29,100 tonnes, government data showed.Steady consumption improved from a 12% fall in demand in March from the previous year.The April volume was still low.Excluding the year 2020, Italy’s lube demand had previously met or exceeded the 30,000-tonne level in the month of April every year over the past decade.Italy's lube demand got support in April from a 9% rise in automobile lube consumption, with passenger-car motor oils demand climbing by 12%.Industrial oils consumption fell by 6% and for a second month in April, mostly because of a slump in consumption of process oils..Spain’s March lube demand falls.France’s March lube demand falls