Fuel and Freight Daily Update - 12/1/25

12/20/2025

All prices reflect end-of-day settlements from November 28th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C68): -12.50

• Jet Fuel 54g (C69): -22.50

• Clean Tankers – The U.S. Gulf clean‑product tanker market remains under pressure as we enter December. Prompt tonnage availability continues to outpace cargo demand, and with export flows to Latin America and the U.S. East Coast still moderate, many owners are willing to discount to secure stems. The market tone remains soft, with little near-term upside in sight.

• Crude Tankers – Long‑haul crude freight remains supported by structural market dynamics. Many large crude carriers remain tied up on extended voyages or rerouted routes, which tightens global tonnage supply and helps sustain freight floors. Demand remains moderate but steady; downside risk seems contained for now.

• LNG Shipping – The Atlantic Basin LNG freight market remains tight heading into winter. Vessel availability is limited, voyage durations remain stretched, and charterers are actively booking forward cargo — pushing up spot rates and keeping owners in a favorable position.

• Dry Bulk & General Shipping – Dry bulk sentiment is cautiously optimistic: with tight tonnage lists and seasonal demand in key corridors, some segments are showing modest strength. However, container and general cargo flows remain uneven, with pressure persisting on rates across many standard trade lanes.

• Overall Outlook – Freight markets remain distinctly bifurcated: crude and LNG sectors are structurally supported, benefiting from restricted tonnage availability and longer voyages; whereas clean‑product tanker markets continue to struggle under tonnage surplus and tepid demand. Unless export volumes rise meaningfully or tonnage is withdrawn, clean tanker pressure may persist into December.