Italy’s base oils stocks rose to a three-month high in August even as the country’s output of the lubricant feedstock fell to the lowest level since late last year.Stocks rose because Italy’s base oils consumption fell even more steeply.Base oils output of 50,500 tonnes in August fell by less than 8,000 tonnes from 57,600 tonnes the previous month, government data showed.The volume was the lowest since last November, before the closure of one of Italy’s two virgin Group I base oils units earlier this year.Base oils consumption fell to 46,100 tonnes in August, down by almost 20,000 tonnes from close to 66,000 tonnes in July.The size of the contraction left consumption lagging the lower output volume for the first time in four months.With demand falling faster than output, Italy’s base oils stocks rose in August to a three-month high of close to 71,000 tonnes.The dynamic highlighted the weakness of consumption in Italy’s domestic market. The country’s domestic lube consumption fell to a three-year low in August, with the 8% slide in demand from year-earlier levels compounding the contraction.The steep drop in Italy's base oils consumption in August suggested the slowdown in demand extended to overseas markets.Italy’s base oils exports got support in July from a jump in shipments to markets outside Europe to a ten-month high.Exports rose amid a pick-up in shipments to nearby markets like Morocco and to more distant outlets like Singapore.Those kinds of shipments showed signs of slowing in August.Weaker domestic and overseas demand partly reflected a seasonal slowdown in consumption.But demand fell even amid shrinking availability of Group I base oils in Europe.The trend highlighted the impact of the region’s dwindling lube consumption.It also pointed to an even steeper fall in Group I base oils demand even with dwindling lube consumption. .Italy's August lube demand falls.Europe’s July Grp I base oil exports rise
Italy’s base oils stocks rose to a three-month high in August even as the country’s output of the lubricant feedstock fell to the lowest level since late last year.Stocks rose because Italy’s base oils consumption fell even more steeply.Base oils output of 50,500 tonnes in August fell by less than 8,000 tonnes from 57,600 tonnes the previous month, government data showed.The volume was the lowest since last November, before the closure of one of Italy’s two virgin Group I base oils units earlier this year.Base oils consumption fell to 46,100 tonnes in August, down by almost 20,000 tonnes from close to 66,000 tonnes in July.The size of the contraction left consumption lagging the lower output volume for the first time in four months.With demand falling faster than output, Italy’s base oils stocks rose in August to a three-month high of close to 71,000 tonnes.The dynamic highlighted the weakness of consumption in Italy’s domestic market. The country’s domestic lube consumption fell to a three-year low in August, with the 8% slide in demand from year-earlier levels compounding the contraction.The steep drop in Italy's base oils consumption in August suggested the slowdown in demand extended to overseas markets.Italy’s base oils exports got support in July from a jump in shipments to markets outside Europe to a ten-month high.Exports rose amid a pick-up in shipments to nearby markets like Morocco and to more distant outlets like Singapore.Those kinds of shipments showed signs of slowing in August.Weaker domestic and overseas demand partly reflected a seasonal slowdown in consumption.But demand fell even amid shrinking availability of Group I base oils in Europe.The trend highlighted the impact of the region’s dwindling lube consumption.It also pointed to an even steeper fall in Group I base oils demand even with dwindling lube consumption. .Italy's August lube demand falls.Europe’s July Grp I base oil exports rise