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- Fuel and Freight Daily Update - 11/24/25
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11/24/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 21st, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Jan) | $58.06 | ▼ 1.08 |
Brent Final Day (Jan) | $62.52 | ▼ 0.82 |
RBOB (Dec) | $1.8834 | ▼ 0.0350 |
ULSD (Dec) | $2.4564 | ▼ 0.0769 |
Ethanol CU (Nov) | $1.8375 | ▲ 0.0250 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $38.64 | ▼ 0.95 |
RB/Brent (Jan) | $13.64 | ▼ 0.44 |
HO/WTI Crack (Dec) | $42.49 | ▼ 4.77 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C67): -5.50
Jet Fuel 54g (C68): -18.75
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0250 | ▲ 0.0070 |
D4 (Biodiesel) | $1.0300 | ▲ 0.0045 |
D5 (Advanced) | $1.0225 | ▲ 0.0045 |
D3 (Cellulosic) | $2.4675 | ▲ 0.0170 |
Freight Market Summary
Clean Tankers – The U.S. Gulf clean‑product tanker market remains under persistent pressure. Available prompt tonnage continues to outpace demand, and while flows into Latin America and the U.S. East Coast are steady, they are not enough to absorb the oversupply. Owners are still offering deep discounts to secure stems, and market sentiment remains weak heading into December.
Crude Tankers – Long‑haul crude freight maintains structural support. Many vessels remain tied up on extended voyages, and rerouting around higher risk zones continues to reduce available tonnage. While cargo volume is not exceptionally strong, the bottlenecked supply side is helping preserve rate floors.
LNG Shipping – The Atlantic Basin LNG freight market remains tight. Vessel supply is constrained, voyage durations are prolonged by routing inefficiencies and seasonal demand builds, and charterers are locking in forward cover. Owners retain leverage, and the market appears firm.
Overall Outlook – The freight market remains clearly divided: crude and LNG segments remain structurally supported by longer voyages and constrained supply, while the clean product tanker markets continue to face headwinds from oversupply and flat demand. Unless export programs or cargo flows shift meaningfully, clean tanker rates are likely to remain under pressure into the near term.
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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