Spain’s February lube demand rises

Spain’s lubricating oil demand rose in February for the first time in six months, adding to signs of a gradual improvement in consumption throughout the region.

The steadier demand was insufficient to prompt blenders to replenish their stocks. They deemed the risk of weaker-than-expected demand to be larger than the possibility of tight base oils supply.

Moves to hold back raised the prospect of a stronger rise in demand over the coming months as blenders replenish stocks during a shorter time period.

Any such pick-up in demand has so far been muted.

Spain’s lube consumption of 34,580t in February rose from 31,480t in January and by 0.3pc from year-earlier levels, according to CORES, which tracks the country’s energy stocks.

The volume was the highest in three months.