Italy’s lube demand fell in October for the fifth time in six months, raising the prospect of compounding a seasonal dip in regional consumption at year-end.Italy’s lube consumption of 34,900 tonnes in October fell by 3% from year-earlier levels, government data showed.Industrial oils consumption fell by 5%, outweighing a 1% rise in automobile lube demand.Italy’s lube consumption correlates closely with lube demand trends in Europe. The country’s data is released several weeks before most other major markets in the region, making it a useful bellwether for the state of Europe’s lubricants market.Besides Italy, Poland’s engine oil consumption fell for an eleventh straight month in October.The country’s engine oils consumption typically accounts for around 30% of its total lube consumption.An ongoing fall in Europe’s lube demand would deepen a typical seasonal dip in consumption in the month of December especially.Such a scenario added to the incentive for blenders to maintain low base oils and lubricants stocks.Europe’s lube consumption then typically rebounds in the month of January from December.The prospect of demand extending its fall from year-earlier levels, and signs of healthy availability of base oils supply, instead boosted the attraction for blenders to wait until early next year before moving to replenish stocks.Europe's extended demand weakness boosted the incentive and need for regional refiners to target overseas markets.Europe’s base oils exports to non-EU markets fell by 2% in the first nine months of the year from a year earlier.The slowdown reflected the impact of a drop in structural supply and higher prices in European markets.But the contraction was smaller than the 8% fall in Europe’s lube consumption in the first nine months of the year..Europe’s September base oils exports fall.Europe’s Sept lube demand mixed
