Fuel and Freight Daily Update - 11/20/25

11/20/2025

All prices reflect end-of-day settlements from November 19th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C67): -7.00

• Jet Fuel 54g (C68): -25.50

• Clean Tankers – The U.S. Gulf clean product tanker market remains soft. Available tonnage continues to exceed demand, and while export flows to Latin America and the U.S. East Coast are steady, they are not sufficient to clear the surplus. Owners remain under pricing pressure and rate ideas continue to be discounted as the month progresses.

• Crude Tankers – The long‑haul crude freight market remains supported by structural dynamics. Many vessels are tied up on longer routes—due to rerouting around risk zones—which keeps tonnage less available and supports rate floors. However, with cargo volumes still moderate, upside remains constrained until demand improves.

• LNG Shipping – Freight for LNG in the Atlantic Basin remains tight. Vessel supply is limited, voyage durations are stretched due to routing and seasonal constraints, and charterers are actively locking in forward coverage. Owners continue to hold leverage in the market.

• Overall Outlook – The freight market remains clearly bifurcated: the crude and LNG shipping sectors are structurally supported, while clean‑product tanker markets are still challenged by oversupply and sluggish demand. Unless there’s a meaningful increase in cargo flows or new export programs, clean tanker rates are likely to remain under pressure as we approach late November.