Lubricating oil demand was mixed in the Americas market in May as slower consumption in the US contrasted with rising demand in Latin America’s three largest economies.Lube demand in US, Mexico, Brazil, and Argentina combined fell back to 575,040t in May, government and industrial data showed. The volume fell from 668,120t in April to the lowest in five months..The slowdown in demand trimmed total consumption to 3.20mn t in the first five months of the year. The volume was still up more than 180,000t from year-earlier levels.The drop in demand in May reflected slower consumption in the US. Rising base oils and finished lube prices incentivized buyers in that market to procure supplies early to lock in prevailing prices before they rose further..US' May base oils/lube demand falls.The US was the outlier.Demand in Brazil, Argentina and Mexico extended its rise in May for a third month amid healthy economic activity.Like other markets, their economic growth faced pressure from high inflation and rising interest rates. But growth is slowing rather than reversing.Car sales rose in Argentina and Mexico in May and June. Auto sales in Brazil rose in July for the first time in a year.Mexico’s industrial production rose in May for a 15th month. Its lube demand rose that month at its fastest pace this year..Mexico's May lube demand surges.The strong lube demand lifted the three countries’ total consumption to 476,620t in the three months to May. The volume was up 6pc from 451,510t during the same period last year.The firm consumption contrasted with shrinking demand in Europe and mixed lube demand in Asia-Pacific..Americas' April lube demand rises
