Fuel and Freight Daily Update - 1/26/26

02/03/2026

All prices reflect end-of-day settlements from January 23rd, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C07): -9.00

• Jet Fuel 54g (C08): -17.25

Freight markets opened the week with familiar themes intact as January trade flows continue to normalize.

Clean-product tanker markets remain under pressure, particularly in the U.S. Gulf. Prompt tonnage continues to exceed available cargo demand, and while inquiries are present, volumes remain insufficient to meaningfully tighten vessel lists. Owners are still competing on rates to secure employment, keeping near-term sentiment cautious.

Crude tanker markets remain steady with structural support. A meaningful portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, reducing effective supply. While spot demand is not accelerating, these constraints continue to underpin rate floors across major long-haul routes.

LNG freight remains firm as winter demand persists. Vessel availability is tight, voyage durations remain extended, and charterers continue to secure forward cover. Owners retain pricing leverage, with limited near-term relief for charterers.

Overall takeaway: Freight markets remain bifurcated. Crude and LNG segments continue to benefit from structural tightness and seasonal demand, while clean-product tanker markets remain challenged by oversupply and modest cargo flow. Directional clarity will depend on whether export programs and refinery-driven demand strengthen as January progresses.