France’s May lube demand rises

France’s lubricating oil consumption rose in May on the back of stronger demand for automobile and industrial oils.

Total lube demand of 45,370t in May rose by 9pc from the same month a year earlier, according to Centre Professionel des Lubrifiants (CPL).

The rise in demand left total consumption of 225,810t in the first five months of the year down just 2pc from 230,510t during the same period last year.

Lube consumption rose in May even as France's car sales extended their fall for a 12^th month and industrial production contracted for a third month.

The outlook is even less promising as rising inflation squeezes consumer confidence and spending. The country’s manufacturing climate indicator for July fell to its lowest in more than a year.

The rise in lube demand in May partly reflected the low base level the same time last year when France was only just starting to relax its pandemic restrictions.

The squeeze on travel and economic activity at that time contrasted with the boost in activity this year following the relaxation of restrictions earlier in the year.

Demand also got support from a rise in manufacturing output in May from the previous month, especially in automotive production.

Consumption of industrial lubricants rose by 13pc in May to 14,970t. Demand got a boost from strong consumption of industrial greases and metalworking fluids.

Demand for automobile lubricants rose at a slower 9pc pace, and process oils by just 1pc.