Spain’s lube demand rose for a fifth month in October and at its fastest pace in more than two years, extending a strong recovery in consumption in the Mediterranean region.Lube consumption of 40,190t in October rose by 20pc from year-earlier levels, according to CORES, which tracks the country’s energy stocks.Demand rose by 9pc from less than 37,000t in September.The year-on-year rise in demand was the largest in more than two years.The rise in consumption from September was also larger than usual and similar to consumption trends in 2018 and 2019, before the Covid-19 pandemic disrupted typical demand patterns.The strong recovery in demand since the start of the third quarter lifted total consumption to more than 355,000t in the first ten months of the year, up 2pc from year-earlier levels.The rise in lube demand contrasted with still-slowing consumption in other key markets like Germany and France.Blenders in Europe cut base oils feedstock inventories this year to limit their exposure to weak demand and volatile prices.Rising lube demand in markets like Spain raised the prospect of blenders needing to replenish those low stocks more frequently..Italy’s Oct lube demand rises
