Fuel and Freight Daily Update - 6/27/25

08/01/2025

All pricing reflects end‑of‑day settlements from June 26th, 2025

• WTI (Aug): $65.24 ▲ 0.32

• Brent (Aug): $67.73 ▲ 0.05

• RBOB (Jul): $2.0990 ▲ 0.0166

• ULSD (HO Jul): $2.3601 ▲ 0.0637

• HO/Brent (Aug): $28.44 ▲ 1.35

• RB/Brent (Aug): $19.53 ▲ 0.44

• HO/WTI Crack (Aug): $30.93 ▲ 1.08

• HOGO (July Futures): +17.65 ▲ 0.0335

• July '25: +14.20

• Aug '25: +15.30

• Q3 '25: +15.10

• Q4 '25: +16.95

• Q1 '26: +16.30

• Q2 '26: +13.30

Colonial Pipeline Differentials:

• ULSD 62g (C38): -5.40

• Jet Fuel 54g (C39): -19.50

LT (ULSD) CME Blocks:

BALMO: -9.65
Q3 ’25 Avg: -7.32
Q4 ’25 Avg: -10.23
Q1 ’26 Avg: -8.32
Q2 ’26 Avg: -6.48

ME (Jet) CME Blocks:

BALMO: -22.33
Q3 ’25 Avg: -18.75
Q4 ’25 Avg: -21.71
Q1 ’26 Avg: -20.17
Q2 ’26 Avg: -17.29

RIN Futures (Dec ’25)

• D6 (Ethanol): $1.0700 ▲ 0.0125

• D4 (Biodiesel): $1.1525 ▲ 0.0100

• D5 (Advanced): $1.1425 ▲ 0.0075

• D3 (Cellulosic): $2.1550 ▼0.0250

Freight Market Summary
Clean product tankers out of the U.S. Gulf continue to face long tonnage lists, though consistent Latin American and East Coast buying helps provide a release valve. Freight rates are inching up, driven by risk premiums and longer expected voyage times.

Crude tanker markets remain firm as large vessels continue to avoid the Strait of Hormuz and Red Sea. Most are sailing around Africa, increasing both costs and duration. This has tightened availability across key global routes.

LNG shipping in the Atlantic stays elevated due to precautionary rerouting and lower vessel availability. While Hormuz remains technically open, some LNG charters have shifted course to avoid escalation risk.

Geopolitical & Logistics Update
Middle East tensions have cooled slightly following a temporary ceasefire, but shipping activity through the Strait of Hormuz remains well below normal levels. Tankers are proceeding cautiously, with some still idling or rerouting. Reports suggest throughput is down roughly 30% from earlier this month.

War-risk insurance premiums, which had peaked last week, are still elevated but have eased slightly. Many shipowners are passing on these additional costs to charterers.

In the Red Sea, commercial activity is still light. Most traffic continues via the Cape of Good Hope, extending voyages and creating congestion on longer routes.

Market Signals to Watch

• Voyage delays and rerouting continue to underpin freight rate strength.

• Premiums for risk exposure remain built-in despite cooling headlines.

• The longer these detours persist, the more they strain global tonnage.