Saudi Aramco has announced acceptances of June-lifting term LPG nominations, with up to 10 cargoes canceled or deferred to July, traders said Tuesday, a move that was in line with the market's expectations.

Airlines could save an estimated $15 billion in carbon offsetting costs if the International Civil Aviation Organisation uses 2019 to calculate aviation's CO2 emissions baseline, an official with the International Air Transport Association said Tuesday.

Crude oil futures held steady Tuesday near their highest values in more than two months as the NYMEX June contract was set to expire, likely avoiding any repeat of last month's dive into negative pricing.

The premium was last lower at minus $43.01/mt seen on September 24 last year.

"We don't even get that many requests for 380 CST bunker fuel because most buyers have term contracts for the full calendar year or on a six-month basis," a supplier said.

Italy's API refinery, which closed due to weak demand in the wake of the coronavirus pandemic, has now restarted, with refineries in Europe gradually raising runs as countries lift restrictions and demand starts picking up.

Global flying capacity for the week ahead has shot up 6% on the week to above the 30 million seat mark, but remains well below the around 115 million seat level at this time last year, according to air travel data provider OAG.