Fuel and Freight Daily Update - 1/21/26

02/03/2026

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

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C07): -7.50

• Jet Fuel 54g (C07): -17.75

Clean Tankers:
Clean-product tanker markets remain soft. Prompt tonnage availability across the U.S. Gulf and other export regions continues to exceed cargo demand. While inquiry levels are gradually improving as January progresses, volumes remain insufficient to meaningfully tighten vessel lists. Owners continue to compete aggressively on rates to secure stems, keeping sentiment cautious.

Crude Tankers:
Crude freight remains stable with underlying support. A significant share of VLCC and Suezmax tonnage is still tied up on long-haul or extended voyages, limiting effective supply. Fixture activity is slowly rebuilding, but demand has yet to show a decisive pickup. Structural constraints continue to underpin 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. Longer voyage durations and active forward chartering are keeping ships committed, allowing owners to retain pricing leverage despite improving overall liquidity.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but largely stable in key commodity lanes. Container and general cargo segments remain under pressure from excess capacity and uneven global trade flows. Any seasonal improvement remains limited and highly route-specific.

Overall Outlook:
Freight markets remain bifurcated. Crude and LNG segments continue to benefit from structural tightness and seasonal demand, while clean-product tanker and container markets face persistent headwinds from oversupply and modest cargo flows. A more durable shift higher will depend on whether cargo programs accelerate through the remainder of January.