Fuel and Freight Daily Update - 1/20/26

02/03/2026

All prices reflect end-of-day settlements from January 16th, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C06): -9.75

• Jet Fuel 54g (C07): -16.50

RIN SETTLES FROM 1-19

Clean Tankers:
Clean-product tanker markets remain under pressure. Prompt tonnage availability in the U.S. Gulf and other key export hubs continues to exceed cargo demand. While post-holiday inquiries have improved modestly, volumes remain insufficient to materially tighten vessel lists. Owners are still competing on rates to secure employment, keeping near-term sentiment soft.

Crude Tankers:
Crude freight remains steady with a supportive undertone. A meaningful portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, limiting effective supply. Fixture activity is slowly improving, but demand has yet to accelerate meaningfully. Structural tightness continues to support rate floors on major long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel availability, particularly in the Atlantic Basin. Extended voyage durations and forward chartering activity are keeping ships committed, allowing owners to maintain pricing leverage despite gradual normalization in trading activity.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but generally stable in core commodity corridors. Container and general cargo segments remain pressured by excess capacity and uneven global trade flows. Seasonal improvement remains limited and highly route-specific.

Overall Outlook:
Freight markets remain bifurcated. Crude and LNG shipping continue to benefit from structural constraints and seasonal demand, while clean-product tankers and container freight remain weighed down by oversupply and sluggish cargo flows. A clearer directional shift will depend on whether post-holiday cargo programs accelerate as January progresses.