Italy’s February lube demand slips

Italy’s lubricating oil sales edged down in February from year-earlier levels amid ongoing weakness in demand for industrial oils.

Total lube demand of 34,800t in February fell by 0.6pc from 35,000t the same month a year earlier, government data showed. Sales were steady compared with February 2020 levels.

Lube demand fell in February for a ninth straight month. The sustained slowdown contrasted with a strong rebound in lube consumption from second-half 2020 through to the second quarter of last year.

That recovery in demand began well before a pick-up in the country’s diesel consumption from early last year.

Diesel demand has held firm since then, even as lube consumption began to shrink from last June.

Italy’s industrial production contracted in January for the first time in 11 months, reflecting that drop in activity.

Automotive lubricant demand rose by 9pc in February to 16,000t. Strong demand for motor oils more than countered slower demand for other automobile oils. Consumption of ‘first-fill’ lubricants was steady.

Motor oils consumption held firm even amid a sustained slide in Italy’s car sales. These fell in February for an eight straight month.