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- Fuel and Freight Daily Update - 6/23/25
08/02/2025
All pricing reflects end-of-day settlements from June 20, 2025
Published by Liquidity Energy LLC
Futures Market Settles
Front Month Settlements:
WTI (Jul): $74.93 ▼ $0.21
Brent (Aug): $77.01 ▲ $0.31
RBOB (Jul): $2.3295 ▲ 2.09¢
ULSD (HO Jul): $2.5418 ▲ 0.84¢
Key Spreads & Cracks
HO/Brent (Aug): $28.14 ▲ 0.06
RB/Brent (Aug): $20.03 ▲ 0.56
HO/WTI Crack (Jul): $31.83 ▲ 0.56
HOGO (July Futures): +13.50¢ ▼ 0.80¢
HOGO Swaps
July '25: +13.50¢ ▼ 0.80¢
August '25: +15.75¢ ▼ 0.85¢
Q3 '25: +15.25¢ ▼ 0.60¢
Q4 '25: +17.95¢ ▼ 0.20¢
ULSD & Jet Physical Market Settles (LT & ME Contracts)
Colonial Pipeline Differentials:
ULSD 62g (C37): -7.40¢
Jet Fuel 54g (C38): -18.63¢
LT (ULSD) CME Blocks:
BALMO: -9.65¢
Q3 ’25 Avg: -7.33¢
Q4 ’25 Avg: -10.42¢
ME (Jet) CME Blocks:
BALMO: -22.33¢
Q3 ’25 Avg: -18.00¢
Q4 ’25 Avg: -21.71¢
RIN Futures
D6 (Ethanol): $1.0875 flat
D4 (Biodiesel): $1.1699 ▼ $0.0001
D5 (Advanced): $1.1675 ▲ $0.0275
D3 (Cellulosic): $2.2500 ▼ $0.0150
Freight Market Summary
Freight activity remained steady to firm as the market continues to price in geopolitical risk. Although no direct disruptions to crude or product flows have occurred, shipping premiums on key tanker routes remain elevated, particularly for voyages transiting through sensitive Middle Eastern corridors.
Clean Tankers:
USGC clean tonnage remains long, but rates are holding firm as charterers hedge against potential supply chain interruptions. Movements to Latin America and Europe saw moderate interest, with owners leveraging risk sentiment.
Crude Tankers:
VLCC and Suezmax activity showed mild improvement with stronger underlying demand and firmer flat prices supporting charter rates.
Pipeline & Terminals:
Colonial line space allocations remain tight into early July. Rack operations reported normal activity levels with no regional disruptions reported as of today.
LNG Shipping:
Atlantic Basin spot rates remain buoyed by demand for flexible cover. Traders continue to monitor any escalation risk that could ripple into LNG logistics.
Market Signals to Watch
Crude and distillate cracks remain resilient despite modest flat price consolidation.
RIN markets mixed as D5 demand lifted prices, while D3 and D4 softened.
Freight risk premiums could climb further if tensions escalate in the Middle East.
HOGO spreads narrowed slightly as ULSD strength outpaced gasoline gains.
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Disclaimer
The Coolidge Report is published by Coolidge Shop LLC and is intended for informational purposes only. This report does not constitute trading recommendations, financial advice, or an offer to buy or sell any commodity. While efforts are made to ensure accuracy, Coolidge Shop LLC makes no warranties regarding completeness or reliability. Coolidge Shop LLC is not registered as a Commodity Trading Advisor (CTA) with the CFTC, and this report should not be interpreted as a solicitation to engage in futures or derivatives trading.
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