Small rise for jet only bright spot amid Spain April products demand fall

London (Quantum Commodity Intelligence) – Spain's oil product demand dropped 11.6% on the month in April to 4.05 million mt with falls for every product apart from jet fuel, according to Petroleum Products Strategic Reserves Corporation (CORES) data released Friday.

Total products usage was up 44.3% from April last year when pandemic restrictions were at their peak, but remained 19.1% below April 2019.

Spain was in another pandemic-related state of emergency from October last year, but this was lifted on May 9 after the government took the decision to place greater reliance on vaccinations as jab rates increased.

Jet consumption gained 13.6% on the month, albeit from a still historically low base, to 140,343 mt - usage was 74.9% below the April 2019 figure.

A 13.3% monthly fall in gasoil demand was comprised mostly of a 184,208 mt fall for road diesel to 1.7 million mt and a 180,977 mt drop for heating oil and agricultural diesel to 408,835 mt.

Road diesel usage was 13.9% below the 2019 level.

Gasoline consumption was down 7.3% on the month and 14.6% from April 2019 at 377,412 mt.

Fuel oil dropped 8.3% on the month to 496,329 mt, leaving it 35% down from the 2019 level.

LPG demand fell 29.1% from March to 123,449 mt and was down 42.6% from April 2019.