Toll data hints at large recovery in fuel demand in June for southern Europe

London (Quantum Commodity Intelligence) – Data released Wednesday by global motorway toll operating company Atlantia Group indicated driving activity in Spain, France and Italy is gradually heading closer towards pre-pandemic levels.

Over the last 4 weeks, the average performance for the company's toll motorways in Spain was 6.3% below 2019 figures, compared to an average of 22.6% below for the prior 4 weeks, according to the preliminary data.

Spanish figures had reached just 0.2% below 2019 last month before falling again.

In France, the average amount below 2019 in the last 4 weeks was 13.7%, up from 22.3% for the 4 weeks prior.

However, the figures for French roads include a dip in the second half of May which has still not been recovered from and, counterintuitively, came right at the time which lockdown measures were eased and longer journeys were permitted.

In the first half of May, tolling numbers came as close as 3% below the 2019 equivalent before dropping to 18.9% again over the following 2 weeks.

Meanwhile, in Italy, the average amount below 2019 was 10.4% in the last 4 weeks, up from 20% for the 4 weeks prior.

The company operates 1,100 km of toll motorways in Spain, 1,768 km in France and 3,256 km in Italy, and, as such, its figures provide a good barometer for car and truck movement in those countries.

Moving across to the Americas, in Brazil and Mexico, two of the most gasoline consuming countries in the world, usage of Atlantia's toll motorways has been greater than 2019 levels for each of the last 7 weeks.

In Brazil, where 4,321 km of roads are operated, volumes were 2.4% above the 2019 figure in the week ending June 13, compared to an average of 4.3% over the last 4 weeks.

Meanwhile, Mexican demand was 4.1% higher than 2019 for 876 km of motorways, compared to a 4-week average of 4.7%.