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- Fuel and Freight Daily Update - 1/23/26
02/03/2026
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from January 22nd, 2026
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Mar) | $59.36 | ▼ 1.26 |
Brent Final Day (Mar) | $64.06 | ▼ 1.18 |
RBOB (Feb) | $1.8172 | ▼ 0.0402 |
ULSD (Feb) | $2.3668 | ▼ 0.0637 |
Ethanol CU (Jan) | $1.5700 | ▲ 0.0500 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Mar) | $32.48 | ▼ 1.35 |
RB/Brent (Mar) | $13.17 | ▼ 0.53 |
HO/WTI Crack (Feb) | $37.18 | ▼ 1.27 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C07): -8.75
Jet Fuel 54g (C08): -20.50
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.2599 | ▲ 0.0263 |
D4 (Biodiesel) | $1.3545 | ▲ 0.0270 |
D5 (Advanced) | $1.3435 | ▲ 0.0270 |
D3 (Cellulosic) | $2.4064 | ▲ 0.0263 |
Freight Market Summary
Freight markets remain split as January trading continues to normalize post-holiday.
Clean-product tanker markets remain under pressure, with prompt tonnage in the U.S. Gulf still outweighing available cargo demand. While inquiry levels are improving, owners continue to compete on rates to keep vessels employed, keeping sentiment cautious near term.
Crude tanker markets remain steady and structurally supported. A sizable portion of VLCC and Suezmax tonnage remains tied up on long-haul and extended voyages, limiting effective supply and helping maintain rate floors despite only moderate spot demand.
LNG freight remains firm as winter demand continues to absorb vessel availability. Forward chartering and extended voyage durations are keeping ships committed, allowing owners to retain pricing leverage.
Overall, crude and LNG segments continue to benefit from structural and seasonal support, while clean-product tanker markets remain challenged by oversupply. A clearer directional shift will depend on whether cargo programs accelerate as January progresses.
Disclaimer
This article and its contents are provided by Liquidity Energy, LLC ("The Firm") for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any commodity, futures contract, option contract, or other transaction. Although any statements of fact have been obtained from and are based on sources that the Firm believes to be reliable, we do not guarantee their accuracy, and any such information may be incomplete or condensed.
Commodity trading involves risks, and you should fully understand those risks prior to trading. Liquidity Energy LLC and its affiliates assume no liability for the use of any information contained herein. Neither the information nor any opinion expressed shall be construed as an offer to buy or sell any futures or options on futures contracts. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Any opinions expressed herein are subject to change without notice, are that of the individual, and not necessarily the opinion of Liquidity Energy LLC