Fuel and Freight Daily Update - 6/25/25

Liquidity Energy, LLC

Author

Nicholas Coolidge
June 25, 2025

08/02/2025

All pricing reflects end‑of‑day settlements from June 24, 2025

Futures Market Settles

Front‑Month Settlements:

  • WTI (Aug): $64.37 ▼ 4.14

  • Brent (Aug): $67.14 ▼ 4.34

  • RBOB (Jul): $2.0857 ▼ 13.25

  • ULSD (HO Jul): $2.2851 ▼ 7.80

Key Spreads & Cracks

  • HO/Brent (Aug): $27.34 ▲ 0.62

  • RB/Brent (Aug): $19.84 ▼ 1.04

  • HO/WTI Crack (Aug): $30.11 ▲ 0.42

  • HOGO (July Futures): +14.85 ▼ 0.15

HOGO Swaps

  • July '25: +14.10

  • Aug '25: +15.15

  • Q3 '25: +14.90

  • Q4 '25: +16.75

  • Q1 '26: +16.05

  • Q2 '26: +13.40

ULSD & Jet Physical Market Settles (LT & ME Contracts)

Colonial Pipeline Differentials:

  • ULSD 62g (C37): -5.80

  • Jet Fuel 54g (C38): -17.25

LT (ULSD) CME Blocks:

  • BALMO: -9.65

  • Q3 ’25 Avg: -7.13

  • Q4 ’25 Avg: -10.14

  • Q1 ’26 Avg: -8.50

  • Q2 ’26 Avg: -6.61

ME (Jet) CME Blocks:

  • BALMO: -22.33

  • Q3 ’25 Avg: -18.00

  • Q4 ’25 Avg: -21.84

  • Q1 ’26 Avg: -20.92

  • Q2 ’26 Avg: -17.79

RIN Futures

RIN Futures (Dec ’25)

  • D6 (Ethanol): $1.0650 ▼ 0.50

  • D4 (Biodiesel): $1.1500 ▼ 0.50

  • D5 (Advanced): $1.1325 ▲ 1.00

  • D3 (Cellulosic): $2.2300 ▲ 2.50

Freight Market Summary

  • Clean Tankers: USGC tonnage overhang persists; Latin and EC demand stable.

  • Crude Tankers: VLCCs rerouting around Cape; Red Sea/Suez avoided. Rates holding near $60k/day.

  • Pipeline & Terminals: Colonial Line 61 still allocated; spreads stable.

  • LNG Shipping: Atlantic charter rates firming on Suez avoidance and vessel delays.

Market Signals to Watch

  • Strait of Hormuz: Tankers rerouting or pausing; transit reportedly down 25–30%. Iran threatens escalation.

  • Suez: Traffic remains light; most operators continue favoring Cape route. Insurance rates elevated.

  • Freight Rates: Strong upward pressure on VLCC and LNG rates amid geopolitical tension.

  • Supply Chains: Disruptions continue to pressure regional spreads and arbitrage.

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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