Europe’s lube demand rose in October for the first time in fourteen months as strong consumption in the Mediterranean region outweighed an ongoing fall in demand in northern Europe.Steadier lube consumption in the region would reduce the incentive for blenders to minimize their stocks of finished lubricants and base oils feedstocks supplies.It also raised the prospect of facilitating base oils production plans for refiners in the region.A sustained fall in Europe’s lube demand throughout 2022 compounded a rise in surplus base oils supplies during the second half of that year and in early 2023.Steadier demand would curb the prospect of a repeat of that scenario this year.Lube consumption of more than 200,000t in October edged up from the previous month and rose by 2pc from year-earlier levels, government and industry data showed.The year-on-year increase was the first since August 2022.The volume was derived from eight countries in Europe, including its four largest markets.Lube demand rose on the back of a sustained pick-up in consumption in markets like Spain and Italy.Consumption extended its fall in Germany and France in October. But the pace of the contraction slowed in those markets..Germany’s October lube demand falls.Spain’s October lube demand rises.France’s October lube demand falls
