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- Fuel and Freight Daily Update - 10/21/25
11/04/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from October 20th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Nov) | $57.52 | ▼ 0.02 |
Brent Final Day (Dec) | $61.01 | ▼ 0.28 |
RBOB (Nov) | $1.8302 | ▼ 0.0075 |
ULSD (Nov) | $2.1921 | ▲ 0.0121 |
Ethanol CU (Oct) | $1.8350 | ▲ 0.0200 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Dec) | $30.22 | ▲ 0.79 |
RB/Brent (Dec) | $13.55 | ▲ 0.01 |
HO/WTI Crack (Nov) | $34.55 | ▲ 0.53 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C61): -7.90
Jet Fuel 54g (C61): -12.25
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0625 | ▲ 0.0075 |
D4 (Biodiesel) | $1.0900 | ▲ 0.0100 |
D5 (Advanced) | $1.0700 | ▲ 0.0025 |
D3 (Cellulosic) | $2.4450 | ▲ 0.0250 |
Freight Market Summary
Crude Tankers – Activity remains robust across most routes, with good demand driving increasing rates for dirty tankers (crude oil carriers) in many areas.
Product (Clean) Tankers – In contrast, the product tanker market is showing slower activity and modest rate declines across various loading areas.
Dry Bulk & General Shipping – The broader dry‑bulk freight market is mixed: large capesize and panamax sizes see some rate uptick, while supramax/handysize and European coaster segments are facing slower activity and slight rate softening.
Structural & Geopolitical Drivers – Rising port fees linked to US‑China trade friction and rerouting around risk zones continue to impact freight supply and routing options. These structural drivers are nudging certain freight segments upward even as demand remains somewhat uneven.
Outlook – We’re seeing a clear split: crude tanker freight is holding up (and in some cases climbing) thanks to structural constraints and routing shifts, whereas product tanker and many dry‑bulk segments are under pressure from softer demand and surplus tonnage. Without a fresh demand spike or further supply constraints, the product/clean tanker side may remain subdued for now.
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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