Italy’s March lube demand falls

Italy’s lubricating oil demand fell in March for a tenth month as slowing factory activity slashed consumption of industrial lubricants.

Total lube demand of 38,200t in March fell by 3.5pc from 39,500t the same month a year earlier, government data showed.

Consumption rose from 34,800t in February, reflecting a typical seasonal pick-up in demand following the winter months.

Italy began including more detailed statistics in its lubricants data from the start of this year because of the product’s role as a bellwether for upcoming trends in the industrial sector.

That trend was showing growing signs of a marked slowdown in the sector as surging electricity and gas costs prompted a cut-back or cessation of energy-intensive factory production.

Italy’s consumption of industrial oils fell by 11pc in March to 20,100t.

The slowdown in lube demand every month this year contrasted with a 3.3pc rise in the country’s industrial production in February.

The disconnect reflected the anticipatory characteristics of lube consumption data.

The slowdown in industrial oil consumption outweighed the 6pc rise in demand for automobile oils in March to 23,770t.