Fuel and Freight Daily Update - 12/3/25

12/20/2025

All prices reflect end-of-day settlements from December 2nd, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C68): -16.15

• Jet Fuel 54g (C70): -26.75

• Clean Tankers
  The clean‑product tanker market remains under pressure. In key export hubs including the U.S. Gulf, prompt tonnage continues to outnumber available cargo stems. Export flows remain modest and insufficient to materially clear the oversupply. Consequently, many owners are offering discounted rates just to secure business, and market sentiment stays soft as year‑end approaches.

  Crude Tankers
  Crude freight remains relatively stable this week. A portion of global crude tonnage remains committed to long‑haul voyages or rerouted routes, which continues to tighten available capacity. While demand has not surged, this structural tonnage constraint is helping support a floor for long‑haul crude freight rates. Near‑term upside is limited unless cargo demand increases.

  LNG Shipping
  LNG freight continues to show strength. Spot rates in the Atlantic Basin remain elevated, supported by tight vessel availability and increased demand for forward loading as winter demand rises. Extended voyage durations and prioritization of winter cargoes are keeping charterers active, and owners retain leverage in negotiations. The tightness in the LNG vessel market remains evident.

  Dry Bulk / General Shipping
  General freight and dry-bulk segments remain mixed. While demand for some bulk commodities is stable, container and standard general‑cargo routes continue to face headwinds from uneven global demand and excess capacity. Overall, freight rates in non‑tanker sectors remain modest and volatile.

  📈 Overall Outlook
  We continue to see a clear bifurcation in the freight market: crude and LNG shipping remain underpinned by structural supply constraints and seasonal demand, while clean‑product tanker freight markets struggle with oversupply and lackluster cargo flows. Unless there’s a meaningful pickup in trade volumes or a reduction in available tonnage, pressure on clean tanker rates is likely to continue into early December.