Europe’s lube demand faces stronger rise in Q1 2024

Europe’s lube demand is forecast to see a seasonal rise in the first quarter of next year from the final three months of this year.

The strength of the rise in demand is likely to be stronger than during the same period a year earlier.

Demand is likely to rise to more than 630,000t in the first three months of 2024, up from less than 575,000t during the fourth quarter of this year, according to the Baseoilnews short-term outlook.

The rise of more-than 60,000t in demand in the first quarter would be larger than the less-than 50,000t rise in consumption in the first three months of this year from the fourth quarter of 2022.

Demand could rise more strongly in the first quarter of next year after blenders cut sharply their inventories in first-half 2023.

Their more balanced inventories at the start of next year could prompt earlier moves to replenish those stocks.