Fuel and Freight Daily Update - 11/12/25

11/12/2025

All prices reflect end-of-day settlements from November 10th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C66): -12.00

• Jet Fuel 54g (C66): -27.50

• Clean Tankers — The U.S. Gulf clean‐product tanker sector remains under pressure. The list of available vessels is long; export flows to Latin America and the East Coast are steady but not strong enough to meaningfully reduce excess tonnage. Owners are still competing hard on rate ideas, and market sentiment remains subdued as November advances.

• Crude Tankers — Freight for long‐haul crude trade continues to hold up, supported by extended voyage patterns and tonnage tied up on reroutes or in high‑risk avoidance. While fixture volumes remain moderate, the structural underpinnings of the market remain intact and provide rate support.

• LNG Shipping — The Atlantic Basin LNG freight market remains tight. Vessel availability is constrained, voyage durations are extended due to route inefficiencies and seasonal demand build‑up, and chartering activity remains active ahead of peak winter logistics. Owners retain the upper hand in pricing.

• Overall Outlook — The divide in the freight market remains clear: crude and LNG shipping markets are structurally supported by tight supply and longer haul patterns; in contrast, clean product tanker markets are still facing headwinds from oversupply and weak export momentum. Unless the cargo flow mix or volumes shift meaningfully, clean‐tanker rates are likely to remain under pressure into the back half of November.

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