Italy's May fuels sales edge closer to 2019 norms; June to be closer still

London (Quantum Commodity Intelligence) - Italy's oil consumption moved further towards pre-pandemic norms in May as Covid restrictions eased, with motor fuel demand just 6.6% lower than the same month in 2019, said industry group Unione Energie per la Mobilità (UNEM) Thursday.

This compares to April when road fuel consumption was 14.6% down from 2019 and March when it was 15.4% lower.

Total automotive fuel demand was 2.5 million mt in May this year, of which 0.577 million mt was gasoline and 1.907 million mt diesel.

This left gasoline demand 6.3% below the 2019 figure for May and diesel 6.7% down.

The recovery in jet fuel consumption was lagging behind other products though, with international travel still heavily restricted.

Consumption in May was still 70% lower than the pre-pandemic level, compared to 71% down in April and 73% in March.

Total product consumption, including heating oil, lubricants, bitumen and bunker fuels, was 4.001 million mt, 13.3% lower than in 2019.

UNEM forecasted that total refined products consumption in June will have recovered to around 490,000 mt below June 2019, or 4.576 million mt, a 9.7% difference from the pre-pandemic level.

Crude oil demand was 4.4 million mt, down 13.4% from the same month in 2019, which compares to April and March when consumption was 15.1% and 14% lower.