Fuel and Freight Daily Update - 12/15/25

12/19/2025

All prices reflect end-of-day settlements from December 12th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C72): -15.50

• Jet Fuel 54g (C72): -28.50

Clean Tankers:
Clean-product tanker markets remain under pressure as we move deeper into the final weeks of the year. Tonnage availability in the U.S. Gulf and other key export regions continues to exceed spot cargo demand. Year-end trading activity is slowing, and owners are still conceding on rates to secure employment. Without a late surge in export programs, near-term sentiment remains soft.

Crude Tankers:
Crude freight is steady with a supportive undertone. A meaningful portion of VLCC and Suezmax tonnage remains tied up on long-haul or extended voyages, keeping effective supply constrained. While spot demand is not accelerating, limited vessel availability continues to support rate floors on long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to tighten vessel availability, particularly in the Atlantic Basin. Longer voyage durations and forward bookings are keeping ships committed, allowing owners to maintain pricing leverage despite seasonal volatility.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but generally stable in core commodity lanes. Container and general cargo segments remain under pressure from excess capacity and uneven global trade flows. Any seasonal support appears limited and route-specific.

Overall Outlook:
Freight markets remain bifurcated. Crude and LNG sectors are holding firm on structural and seasonal support, while clean-product and container markets continue to face oversupply and weak demand. With year-end slowing underway, meaningful improvement in softer segments likely depends on post-holiday demand in early January.