Italy’s lubricating oil demand fell in March for the first time in ten months, raising the prospect of extending Europe’s muted lube consumption well into this year.Lube demand in markets like Italy and Spain began to recover from the middle of last year.The rising demand partially countered the impact of an ongoing fall in consumption in key economies like France and Germany.A drop in Italy’s lube demand in March put the onus on those other countries to a support a recovery in the region's consumption.Any lack of such a recovery raised the prospect of a further slowdown in Europe’s lube demand.Even the uncertainty about such a scenario incentivized blenders to maintain low lubricants and feedstock inventories.Italy’s lube consumption of 32,200 tonnes in March fell by 12% from year-earlier levels, government data showed.The slowdown was evenly spread among automobile and industrial lubricants.An outlier was demand for metalworking fluids, which extended its strong rise for a sixth month.Italy’s lube consumption also fell in March from the previous month for the first time since 2020.The country’s lube demand typically rises in the month of March from the previous month amid a seasonal pick-up in consumption.Lube demand fell even as Italy’s manufacturing purchasing managers index pointed to expansion in March for the first time in a year.The contraction could have reflected short-term factors such as moves by blenders to trim inventories.Any extension of the slowdown over the coming months would point to a more structural drop in demand..France’s February lube demand rises.Germany’s Jan lube demand improves
Italy’s lubricating oil demand fell in March for the first time in ten months, raising the prospect of extending Europe’s muted lube consumption well into this year.Lube demand in markets like Italy and Spain began to recover from the middle of last year.The rising demand partially countered the impact of an ongoing fall in consumption in key economies like France and Germany.A drop in Italy’s lube demand in March put the onus on those other countries to a support a recovery in the region's consumption.Any lack of such a recovery raised the prospect of a further slowdown in Europe’s lube demand.Even the uncertainty about such a scenario incentivized blenders to maintain low lubricants and feedstock inventories.Italy’s lube consumption of 32,200 tonnes in March fell by 12% from year-earlier levels, government data showed.The slowdown was evenly spread among automobile and industrial lubricants.An outlier was demand for metalworking fluids, which extended its strong rise for a sixth month.Italy’s lube consumption also fell in March from the previous month for the first time since 2020.The country’s lube demand typically rises in the month of March from the previous month amid a seasonal pick-up in consumption.Lube demand fell even as Italy’s manufacturing purchasing managers index pointed to expansion in March for the first time in a year.The contraction could have reflected short-term factors such as moves by blenders to trim inventories.Any extension of the slowdown over the coming months would point to a more structural drop in demand..France’s February lube demand rises.Germany’s Jan lube demand improves
