Fuel and Freight Daily Update - 1/8/26

01/09/2026

All prices reflect end-of-day settlements from January 7th, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C05): -9.15

• Jet Fuel 54g (C05): -19.50

Clean Tankers:
Clean-product tanker markets remain soft, with prompt tonnage still outweighing available cargo demand. In the U.S. Gulf and other key export regions, early-January inquiries are slowly increasing, but volumes remain insufficient to materially tighten vessel lists. Owners continue to compete aggressively on rates to secure stems, keeping sentiment cautious in the near term.

Crude Tankers:
Crude freight remains stable with underlying support. A notable portion of VLCC and Suezmax tonnage continues to be absorbed by long-haul and extended voyages, constraining effective supply. While spot demand remains measured, these structural constraints continue to support rate floors across major long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel availability, particularly across the Atlantic Basin, and voyage durations remain extended. Charterers are active securing both prompt and forward cover, allowing owners to maintain pricing leverage despite the still-thin liquidity typical of early January.

Dry Bulk & General Freight:
Dry-bulk and container markets are reopening gradually. Some bulk commodity flows are improving, but overall demand remains uneven. Container and general cargo segments continue to face excess capacity, limiting rate upside and keeping momentum muted across most lanes.

Overall Outlook:
Freight markets remain divided early in the year. Crude and LNG segments continue to benefit from structural tightness and seasonal demand, while clean-product tanker and container markets remain pressured by oversupply and slow-to-recover cargo flows. A more decisive shift will likely depend on the pace of post-holiday trade normalization through January.