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- Fuel and Freight Daily Update - 11/11/25
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11/11/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 10th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Dec) | $60.13 | ▲ 0.38 |
Brent Final Day (Jan) | $64.06 | ▲ 0.43 |
RBOB (Dec) | $1.9711 | ▲ 0.0308 |
ULSD (Dec) | $2.5104 | ▲ 0.0283 |
Ethanol CU (Nov) | $1.7900 | ▲ 0.0200 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $39.26 | ▲ 0.83 |
RB/Brent (Jan) | $16.19 | ▲ 0.61 |
HO/WTI Crack (Dec) | $45.31 | ▲ 0.81 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C65): -10.00
Jet Fuel 54g (C65): -23.25
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0100 | ▲ 0.0053 |
D4 (Biodiesel) | $1.0165 | ▲ 0.0090 |
D5 (Advanced) | $0.9975 | ▲ 0.0025 |
D3 (Cellulosic) | $2.4300 | (FLAT) |
Freight Market Summary
Clean Tankers – Activity remains weak in key cleaned‐product segments. Prompt tonnage availability in the U.S. Gulf continues to outstrip cargo flows, and while demand into Latin America and the East Coast holds steady, it is not sufficient to clear the build‐up of vessels. Rate levels are under pressure and owners are offering increasing discounts.
Crude Tankers – Freight for long‐haul crude shipments is holding relatively firm. Tonnage continues to be tied up on extended voyages—whether due to routing around high‑risk zones or due to longer haul patterns—providing underlying support to rates. However, with fixture volumes remaining modest, the upside appears limited absent a strong demand catalyst.
LNG Shipping – The Atlantic Basin LNG freight market remains tight. Spot vessel availability is constrained, voyage durations are stretched by rerouting and seasonal constraints, and charterers are actively covering ahead of winter demand. Owners maintain leverage in the current environment.
Container & Dry Bulk Freight – Across dry‐bulk classes, activity was mixed: capesize rates slipped slightly, panamax and supramax saw modest strengthening, and handysize remained stable. On container trades, some east‐Asia to U.S. lanes are showing signs of rate firming as carriers implement General Rate Increases, though softness persists on other routes.
Outlook – The freight market is clearly bifurcated: crude and LNG shipping remain structurally supported, while clean product tankers continue to face headwinds from oversupply and weak downstream flows. With the second half of November underway, momentum will depend on export volumes and seasonal demand triggers.
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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
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