Fuel and Freight Daily Update - 1/22/26

02/03/2026

All prices reflect end-of-day settlements from January 21st, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C07): -8.50

• Jet Fuel 54g (C07): -18.00

Clean Tankers:
Clean-product tanker markets remain under pressure. Prompt tonnage lists across the U.S. Gulf continue to run long, and while cargo inquiries are gradually improving as the month progresses, demand has not yet caught up with vessel availability. Owners remain competitive on rates to secure employment, keeping sentiment cautious in the near term.

Crude Tankers:
Crude freight remains steady with a supportive undertone. A meaningful portion of VLCC and Suezmax tonnage remains committed to long-haul or extended voyages, limiting effective supply. Fixture activity is slowly rebuilding, and while demand is not accelerating, structural tightness continues to support rate floors on key long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel availability, particularly in the Atlantic Basin. Forward chartering activity and longer voyage durations are keeping ships tied up, allowing owners to maintain pricing leverage despite improving post-holiday liquidity.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but stable in core commodity corridors. Container and general cargo segments continue to face pressure from excess capacity and uneven global trade flows. Any recovery remains incremental and highly lane-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 subdued cargo flows. A clearer shift in market direction will depend on sustained improvement in cargo programs as January progresses.