Fuel and Freight Daily Update - 2/5/26

02/05/2026

All prices reflect end-of-day settlements from Feburary 4th, 2026

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C09): -18.75

• Jet Fuel 54g (C10): -19.50

Clean Tankers:
Clean-product tanker markets remain soft, particularly in the U.S. Gulf. Prompt tonnage lists remain long relative to available cargoes, and while inquiries persist, fixture activity has yet to meaningfully reduce vessel availability. Owners continue to show flexibility on rates to secure employment, keeping near-term sentiment cautious.

Crude Tankers:
Crude freight remains supported by structural constraints. VLCC and Suezmax availability continues to be limited by long-haul commitments and extended voyage durations. While spot demand remains measured, the reduced effective supply is maintaining rate floors on major long-haul routes.

LNG Shipping:
LNG freight remains firm. Winter demand continues to absorb vessel supply, and voyage lengths remain extended, keeping spot availability tight. Charterers remain active in both prompt and forward markets, allowing owners to retain pricing leverage.

Dry Bulk & General Freight:
Dry-bulk markets are mixed but stable across key commodity corridors. Container and general cargo markets remain under pressure from excess capacity and uneven global trade flows, limiting upside in freight rates.

Overall Outlook:
Freight markets continue to show divergence. Crude and LNG segments remain supported by structural and seasonal factors, while clean-product tanker and container markets face ongoing headwinds from oversupply and subdued cargo activity. Near-term direction will depend on whether February cargo programs gain momentum.