Fuel and Freight Daily Update - 1/27/26

02/03/2026

All prices reflect end-of-day settlements from January 26th, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C08): -10.25

• Jet Fuel 54g (C08): -15.50

Clean Tankers:
Clean-product tanker markets remain soft, particularly in the U.S. Gulf. Prompt tonnage availability continues to exceed spot cargo demand, and while inquiry levels are steady, volumes are not sufficient to meaningfully tighten vessel lists. Owners remain competitive on rates to secure employment, keeping near-term sentiment subdued.

Crude Tankers:
Crude freight remains steady with structural support intact. A significant portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, limiting effective supply. Although spot demand remains moderate, these constraints continue to underpin rate floors across major long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel availability, particularly in the Atlantic Basin, and longer voyage durations are keeping ships committed. Charterers remain active securing forward coverage, allowing owners to maintain pricing leverage.

Overall Outlook:
The bifurcation across freight markets persists. Crude and LNG segments continue to benefit from structural tightness and seasonal demand, while clean-product tanker markets remain pressured by oversupply and limited cargo flow. A clearer directional shift will depend on whether export programs strengthen as January draws to a close.