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- Fuel and Freight Daily Update - 11/19/25
01/01/2026
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 18th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Dec) | $60.74 | ▲ 0.83 |
Brent Final Day (Jan) | $64.89 | ▲ 0.69 |
RBOB (Dec) | $1.9993 | ▲ 0.0092 |
ULSD (Dec) | $2.7011 | ▼ 0.1541 |
Ethanol CU (Nov) | $1.8125 | ▼ 0.0250 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $43.23 | ▲ 2.12 |
RB/Brent (Jan) | $15.83 | ▼ 0.80 |
HO/WTI Crack (Dec) | $52.71 | ▲ 5.65 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C66): -9.75
Jet Fuel 54g (C67): -26.00
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0095 | ▼ 0.0005 |
D4 (Biodiesel) | $1.0170 | ▲ 0.0010 |
D5 (Advanced) | $0.9975 | ▼ 0.0063 |
D3 (Cellulosic) | $2.4450 | (FLAT) |
Freight Market Summary
Clean Tankers – The oversupply in the U.S. Gulf clean‑product tanker market persists. Prompt tonnage remains abundant, and while export flows to Latin America and the U.S. East Coast continue, they are not enough to meaningfully absorb the excess. Owners remain under pressure and are showing aggressive pricing. Bearish sentiment remains intact heading into late November.
Crude Tankers – Long‑haul crude freight remains on firm footing. Many VLCCs and large crude carriers continue to be tied up on extended voyages, supporting tonnage scarcity and rate floors. Though fixture activity remains moderate, structural demand dynamics are favorable.
LNG Shipping – Atlantic Basin LNG freight is strengthening. Spot rates have surged to near two‑year highs as vessel supply tightens and winter demand builds. Charterers are competing for fewer ships and owners hold the pricing leverage.
Overall Outlook – The split in the market remains stark: crude and LNG freight sectors are structurally supported by tight supply and long voyages, while clean product tanker markets continue facing headwinds from oversupply and modest demand. Without a meaningful boost in export programs or cargo volumes, clean tanker rates may remain under pressure heading into December.
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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