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- Fuel and Freight Daily Update - 10/24/25
11/05/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from October 23rd, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Nov) | $61.79 | ▲ 3.29 |
Brent Final Day (Dec) | $65.99 | ▲ 3.40 |
RBOB (Nov) | $1.9269 | ▲ 0.0619 |
ULSD (Nov) | $2.4030 | ▲ 0.1534 |
Ethanol CU (Oct) | $1.8350 | ▲ 0.0200 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Dec) | $33.72 | ▲ 2.75 |
RB/Brent (Dec) | $12.67 | ▼ 0.73 |
HO/WTI Crack (Nov) | $37.92 | ▲ 2.86 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C62): -7.65
Jet Fuel 54g (C62): -12.25
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $0.9962 | ▼ 0.0238 |
D4 (Biodiesel) | $1.0350 | ▼ 0.0325 |
D5 (Advanced) | $1.0050 | ▼ 0.0275 |
D3 (Cellulosic) | $2.3700 | ▼ 0.0400 |
Freight Market Summary
Clean Tankers – The U.S. Gulf clean‑product tanker segment remains under pressure. The prompt tonnage list is still long, and despite steady flows into Latin America and the U.S. East Coast, demand isn’t strong enough to absorb the excess ships. Rate ideas remain soft, and owners are increasingly competitive.
Crude Tankers – Long‑haul routes continue to benefit from structural support. The detour via the Cape of Good Hope remains prevalent for many VLCCs, tying up capacity and keeping rate floors firm. However, fixture volumes remain muted — any weakening demand may bring downward pressure.
LNG Shipping – Freight markets in the Atlantic Basin for LNG remain tight. Vessel availability is limited, and extended voyage durations due to routing and seasonal constraints continue to support elevated rates. Charterers are remain active with forward cover.
Outlook – The bifurcation in freight markets persists: crude and LNG segments remain structurally supported, while clean tanker markets continue to struggle under oversupply and weak export programs. Without a lift in cargo volumes or export demand, clean tanker rates are likely to stay under pressure as the month closes.
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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