Fuel and Freight Daily Update - 10/30/25

11/04/2025

All prices reflect end-of-day settlements from October 29th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C62): -7.55

• Jet Fuel 54g (C63): -15.25

• Clean Tankers – The U.S. Gulf clean‑product tanker market remains under considerable pressure. Prompt tonnage is still deep, and owner discounts continue as cargo demand struggles to keep pace. Export flows to Latin America and the U.S. East Coast persist, but are insufficient to meaningfully reduce the surplus. Sentiment remains weak heading into November.

• Crude Tankers – Long‑haul crude trade routes are continuing to benefit from structural tailwinds. Many VLCCs remain routed via the Cape of Good Hope or detours around high‑risk zones, tying up global capacity and supporting the freight floor. While fixture volumes remain moderate, the underlying structural support persists.

• LNG Shipping – The Atlantic Basin LNG freight market remains tight. Spot vessel availability remains limited, enjoying support from longer voyages due to risk‑averse routing and seasonal constraints. Charterers remain active with forward cover, and the market appears resilient.

• Overall Outlook – The bifurcation in freight markets remains clear: Crude and LNG freight markets are structurally supported by longer voyages, rerouting, and constrained supply, while clean product tanker markets continue to face headwinds from oversupply and weak demand. Without a significant uptick in cargo programs or export volumes, clean tanker rates may remain under pressure into early November.

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