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- Fuel and Freight Daily Update - 10/23/25
11/05/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from October 22nd, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Nov) | $58.50 | ▲ 1.26 |
Brent Final Day (Dec) | $62.59 | ▲ 1.27 |
RBOB (Nov) | $1.8650 | ▲ 0.0397 |
ULSD (Nov) | $2.2496 | ▲ 0.0438 |
Ethanol CU (Oct) | $1.8350 | ▲ 0.0200 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Dec) | $30.97 | ▲ 0.52 |
RB/Brent (Dec) | $13.40 | ▼ 0.31 |
HO/WTI Crack (Nov) | $35.06 | ▲ 0.53 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C61): -7.40
Jet Fuel 54g (C62): -13.25
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0200 | ▼ 0.0250 |
D4 (Biodiesel) | $1.0350 | ▼ 0.0325 |
D5 (Advanced) | $1.0325 | ▼ 0.0250 |
D3 (Cellulosic) | $2.4100 | ▼ 0.0125 |
Freight Market Summary
Clean Tankers – The clean‑product tanker market remains under pressure in the U.S. Gulf. Prompt tonnage is still high, and owners continue to offer discounts just to secure stems. Demand towards Latin America and the U.S. East Coast continues, but it is not strong enough to reduce the oversupply.
Crude Tankers – The longer haul routing via the Cape of Good Hope remains in effect for many VLCCs, helping soak up global capacity and supporting long‑haul earnings. However, new fixture activity remains muted and the risk of rate softening is present if demand fails to pick up.
LNG Shipping – The Atlantic Basin LNG freight market remains tight. Spot vessel availability is limited and voyage durations are being extended by risk‑averse routing and seasonal constraints. Owners maintain leverage, with limited downside unless charter coverage drops.
Container/General Freight Observations – On the container side, the Drewry World Container Index rose about 3 % to $1,746 per 40 ft container, the second week of increase following a prolonged slide.
Outlook – The bifurcation remains: crude and LNG freight markets continue to be structurally supported by longer voyage routing and constrained supply, while clean tankers are facing headwinds from oversupply and weak demand. Without an uptick in export programs or fresh cargo flows, clean tanker rates are likely to remain under pressure heading into the end of the month.
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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