Germany’s January lube demand falls

Germany’s lubricating oil demand from domestic and overseas buyers fell for a nineteenth month in January, curbing blenders’ urgency to replenish feedstock inventories.

Domestic and overseas lube demand of more than 124,000t in January fell by 17pc from year-earlier levels. Demand rose from a more than seven-year low of less than 107,000t in December.

Domestic demand fell by 14pc amid a 9pc dip in engine oils consumption and a 78pc fall in hydraulic oils consumption.

Overseas demand fell by 18pc, with exports of engine oils, turbine oils and compressor oils falling at a similar pace. But hydraulic oils shipments rose by 16pc.

The drop in overseas demand outpaced the fall in domestic demand for a thirteenth straight month.