French Diesel Demand Remained Weak in May

Diesel demand in France in France declined on the year in May as subdued construction activity and broader industrial confidence remains weak according to Ufip.

• Diesel consumption in France was 77,900 t/d, or 580,000 b/d, in May, down by 7.8% on the year.
• The country's statistics and economic studies institute Insee pointed to a sixth consecutive fall in the monthly business climate index for construction in June, as perceived economic uncertainty in the sector rose to the highest level since the start of this year.
• Diesel cargo arrivals in France between 1-27 June fell to 27,800 t/d, down by 28% from June last year and down from 43,700 t/d on the month. This is while diesel and gasoil cargo supply to the EU and the UK had risen by 8% year on year last month.
• Latest data also suggested German diesel demand this month has been falling as lower truck mileage, construction activity and industrial confidence weighed on consumption.
• Daily deliveries in Germany stood around 10,200m³ (64kbpd) between 1-21 June, down by around 20% from 12,600m³ (79kbpd) in May and lower by a third on the year according to an Argus survey of retailers. Vortexa data showed German diesel cargo arrivals at 12,000 t/d (89.5kbpd) between 1-21 June, down by around 28% from 16,700 t/d (125kbpd) a year earlier.