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- Fuel and Freight Daily Update - 11/26/25
02/24/2026
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 25th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Jan) | $57.95 | ▼ 0.89 |
Brent Final Day (Jan) | $62.48 | ▼ 0.89 |
RBOB (Dec) | $1.8572 | ▼ 0.0394 |
ULSD (Dec) | $2.3538 | ▼ 0.0523 |
Ethanol CU (Nov) | $1.8300 | (FLAT) |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $34.92 | ▼ 1.00 |
RB/Brent (Jan) | $13.21 | ▼ 0.10 |
HO/WTI Crack (Jan) | $39.45 | ▼ 1.00 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C68): -10.40
Jet Fuel 54g (C69): -19.00
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0475 | ▲ 0.0200 |
D4 (Biodiesel) | $1.0525 | ▲ 0.0175 |
D5 (Advanced) | $1.0450 | ▲ 0.0175 |
D3 (Cellulosic) | $2.4575 | ▼ 0.0025 |
Freight Market Summary
Clean Tankers
The clean‑product tanker segment remains under pressure. Prompt tonnage continues to outpace export demand, especially from the U.S. Gulf. Owners are increasingly discounting to secure stems, and market sentiment remains subdued as we head into December — with little sign of a meaningful pickup in cargo flows.Crude Tankers
Long‑haul crude markets remain relatively firm. Many large crude carriers (VLCCs and similar) remain tied up on extended or rerouted voyages, helping keep tonnage tight globally. This structural scarcity continues to support rate floors on long‑haul crude routes.LNG Shipping
LNG freight remains tight. Vessel availability is constrained, and with winter demand rising across Europe and Asia, charterers are looking to lock in tonnage early. Spot rates are firm under pressure from tight supply and elevated demand.Overall Outlook
Freight market bifurcation remains clear: crude and LNG are structurally supported by constrained vessel supply and longer voyages, while clean‑product tanker markets remain weak due to oversupply and lackluster demand. Unless export volumes or clean‑product demand rise materially, pressure on clean tanker rates is likely to persist heading into year‑end.
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