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- Fuel and Freight Daily Update - 11/4/25
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11/04/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from November 3rd, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Dec) | $61.05 | ▲ 0.07 |
Brent Final Day (Jan) | $64.89 | ▲ 0.12 |
RBOB (Nov) | $1.9161 | ▲ 0.0153 |
ULSD (Nov) | $2.4053 | ▲ 0.0067 |
Ethanol CU (Nov) | $1.71500 | ▲ 0.0250 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Jan) | $34.88 | ▲ 0.09 |
RB/Brent (Jan) | $13.87 | ▲ 0.47 |
HO/WTI Crack (Dec) | $39.97 | ▲ 0.21 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C63): -8.25
Jet Fuel 54g (C64): -15.25
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $1.0095 | ▲ 0.0225 |
D4 (Biodiesel) | $1.0150 | ▲ 0.0225 |
D5 (Advanced) | $0.9950 | ▲ 0.0075 |
D3 (Cellulosic) | $2.4000 | ▲ 0.0200 |
Freight Market Summary
Clean Tankers – The U.S. Gulf clean product tanker market remains under pressure. Where prompt tonnage remains ample, demand into Latin America and the U.S. East Coast continues but is insufficient to absorb the surplus. Owners are continuing to price aggressively to compete for stems, and sentiment remains soft as the market heads into mid‑November.
Crude Tankers – Long‑haul crude freight remains supported by continued route inefficiencies and tonnage ties, especially through the Cape of Good Hope or avoidance of high‑risk zones. Although fixture volumes are moderate, these structural factors continue to underpin rate floors; upside remains limited unless a demand uptick occurs.
LNG Shipping – The Atlantic Basin LNG freight market is seeing a tight supply/tonnage environment. Spot vessel availability is constrained, and longer voyage durations — driven by seasonal demand and routing inefficiencies — are supporting elevated rate levels. Owners hold stronger leverage, and charterers are locking in forward cover into winter.
Container Shipping / Ocean Freight – While not the primary focus of this summary, broader ocean container freight indicators show continuing weakness: spot rates on key lanes remain much lower year‑on‑year, and despite recent trade truce headlines, underlying demand for many export flows remains soft. This suggests container‑market pressure will persist.
Overall Outlook – The freight market remains clearly divided: crude and LNG sectors continue to enjoy structural support from rerouting and tight tonnage supply, while clean product tanker markets face persistent headwinds from oversupply and tepid demand. Without a meaningful surge in cargo flows or new export programmes, clean tanker rates are likely to stay under pressure in 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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