Italy’s Aug lube demand extends rise

Italy’s lube demand rose for a third month in August amid an ongoing rebound in industrial oils consumption.

Total lube demand of 23,300t in August rose by 7pc from year-earlier levels, government data showed.

Consumption fell by 32pc from 34,300t in July amid a seasonal slowdown in demand.

The size of the month-on-month fall in consumption was similar to the same period in 2022 but smaller than during the previous seven years to 2021.

Demand extended its rise on the back of a 12pc increase in industrial oils consumption.

Demand for these lubricants had slumped in the two years to April, keeping downward pressure on total lube consumption.

The pick-up in industrial oils demand since May added to an ongoing even if smaller rise in engine oils consumption.