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- Fuel and Freight Daily Update - 11/18/25
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11/18/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 17th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Dec) | $59.91 | ▼ 0.18 |
Brent Final Day (Jan) | $64.20 | ▼ 0.19 |
RBOB (Dec) | $1.9901 | ▼ 0.0215 |
ULSD (Dec) | $2.5470 | ▼ 0.0159 |
Ethanol CU (Nov) | $1.8150 | ▼ 0.0500 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $41.11 | ▲ 2.14 |
RB/Brent (Jan) | $16.63 | ▼ 0.17 |
HO/WTI Crack (Dec) | $47.06 | ▲ 0.84 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C66): -9.75
Jet Fuel 54g (C67): -25.00
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0100 | ▲ 0.0075 |
D4 (Biodiesel) | $1.0160 | ▲ 0.0085 |
D5 (Advanced) | $1.0038 | ▲ 0.0088 |
D3 (Cellulosic) | $2.4450 | (FLAT) |
Freight Market Summary
Clean Tankers – The U.S. Gulf clean‐product tanker market continues to face headwinds. Available vessels remain plentiful while export demand to Latin America and the East Coast is steady but not strong enough to absorb the excess tonnage. Owners are still discounting to secure stems, and sentiment remains muted as December approaches.
Crude Tankers – The long‐haul crude freight segment remains supported by structural tailwinds: extended voyage routes, avoidance of high‐risk areas, and capacity ties help underpin rate floors. Although new fixture activity is moderate, the underlying market remains firm in absence of major downside catalysts.
LNG Shipping – Atlantic Basin LNG freight markets remain tight. Vessel availability is limited, voyage durations remain extended due to route inefficiencies and seasonal demand, and charterers are increasingly locking in forward cover heading into winter. Owners retain pricing power.
Overall Outlook – The market remains clearly divided: the crude and LNG segments are structurally supported by tight supply and longer voyage dynamics, while clean product tanker markets are continuing to struggle under oversupply and muted cargo flows. Unless export volumes or tonnage balances shift meaningfully, clean tanker rate pressure is likely to persist into the near term.
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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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