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German Diesel Demand Recovered in October: FGE

DIESEL

German diesel/gasoil consumption in October is expected to have risen by 15% on the year to 1.15mbpd, as consumers have started stockpiling heating oil ahead of the winter according to a FGE note, cited by Bloomberg.

  • “Our view for 4Q 2023 shows gasoil/diesel demand higher y/y in October, followed by a y/y contraction in November and December, driven by bearish economic factors, October stockpiling and relatively mild temperatures,” the note said.
  • German diesel consumption is forecast to fall by 40kbpd, or around 4%, year on year according to IEA forecasts.

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