France’s October lube demand falls

France’s lube demand edged down in October as lower industrial oils consumption countered a revival in automobile lubricants demand.

Lube consumption of more than 42,000t in October fell by 1pc from year-earlier levels, according to Centre Professionel des Lubrifiants (CPL).

Total consumption of almost 407,000t in the first ten months of the year fell by 6pc from less than 434,000t during the same period last year.

Demand already fell by 6pc in 2022 from the previous year.

France’s lube demand fell at a slower pace in October amid a 14pc rebound in consumption of automobile lubricants.

Industrial oils consumption by contrast extended its steep fall for a ninth month.

Signs of steadier lube consumption in France coincided with rising demand in markets like Italy and Spain.

The trend raised the prospect of the drop in Europe’s lube demand bottoming out in the coming months.

Falling lube demand had incentivized the region’s blenders to maintain lower feedstock and lubricants inventories and to replenish stocks more frequently.

Steadier lube consumption in Europe would ease one factor incentivizing blenders’ preference for lower stocks.