Spain’s lubricating oil demand fell in September amid a slowdown in manufacturing and services activity as economic growth ebbed.Lube consumption of 32,880t in September fell by 4pc from 34,380t the same month a year earlier, according to Spain's CORES, which tracks the country's energy stocks..The slowdown left consumption of 314,190t in the first nine months of the year down 0.5pc from 315,790t during the same period last year.Lube demand fell this year despite the relaxation of pandemic-related restrictions and a rebound in tourism arrivals and spending during the summer months.The support from those factors was temporary and insufficient to counter the impact of surging energy costs and rising interest rates to curb high inflation.Spain’s industrial production fell in September from the previous month, while retail sales barely rose. Road diesel demand fell in September for a fourth month.The country’s services purchasing managers’ index (PMI) slumped in September to an eight-month low. It remained at a level in October that signaled contraction. The manufacturing PMI was even weaker.Spain’s lube demand rebounded by 32pc from 24,980t in August.Consumption typically falls in the month of August to its lowest for the year amid a seasonal slowdown during the summer.Even that recovery was weaker than usual. The pace of the increase in demand from August was the slowest in a decade.Shrinking lube demand in markets like Spain and Italy complicated lubricant blenders’ production and base oils procurement plans as well as their ability to pass on higher costs.Europe’s base oils prices fell steadily in recent months in response to improving supply availability and waning demand..Italy’s September lube demand falls
Spain’s lubricating oil demand fell in September amid a slowdown in manufacturing and services activity as economic growth ebbed.Lube consumption of 32,880t in September fell by 4pc from 34,380t the same month a year earlier, according to Spain's CORES, which tracks the country's energy stocks..The slowdown left consumption of 314,190t in the first nine months of the year down 0.5pc from 315,790t during the same period last year.Lube demand fell this year despite the relaxation of pandemic-related restrictions and a rebound in tourism arrivals and spending during the summer months.The support from those factors was temporary and insufficient to counter the impact of surging energy costs and rising interest rates to curb high inflation.Spain’s industrial production fell in September from the previous month, while retail sales barely rose. Road diesel demand fell in September for a fourth month.The country’s services purchasing managers’ index (PMI) slumped in September to an eight-month low. It remained at a level in October that signaled contraction. The manufacturing PMI was even weaker.Spain’s lube demand rebounded by 32pc from 24,980t in August.Consumption typically falls in the month of August to its lowest for the year amid a seasonal slowdown during the summer.Even that recovery was weaker than usual. The pace of the increase in demand from August was the slowest in a decade.Shrinking lube demand in markets like Spain and Italy complicated lubricant blenders’ production and base oils procurement plans as well as their ability to pass on higher costs.Europe’s base oils prices fell steadily in recent months in response to improving supply availability and waning demand..Italy’s September lube demand falls
