Fuel and Freight Daily Update - 6/30/25

08/01/2025

All pricing reflects end‑of‑day settlements from June 27th, 2025

• WTI (Aug): $65.52 ▲ 0.28

• Brent (Aug): $67.77 ▲ 0.04

• RBOB (Jul): $2.0898 ▼ 0.0092

• ULSD (HO Jul): $2.3072 ▼ 0.0529

• HO/Brent (Aug): $26.35 ▼ 2.09

• RB/Brent (Aug): $19.14 ▼ 0.39

• HO/WTI Crack (Aug): $28.60 ▼ 2.33

• HOGO (July Futures): +16.95 ▼ 0.0070

• July '25: +13.65

• Aug '25: +14.80

• Q3 '25: +14.60

• Q4 '25: +16.45

• Q1 '26: +16.00

• Q2 '26: +13.35

Colonial Pipeline Differentials:

• ULSD 62g (C38): -5.40

• Jet Fuel 54g (C39): -21.50

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): $1.0650 ▼ 0.0050

• D4 (Biodiesel): $1.1500 ▼ 0.0025

• D5 (Advanced): $1.1300 ▼ 0.0125

• D3 (Cellulosic): $2.1200 ▼ 0.0350

Freight Market Summary

Clean Tankers
Tanker supply out of the U.S. Gulf remains long, but regular demand from Latin America and East Coast buyers continues to support freight. Rates are firming gradually, helped by insurance costs and extended voyage times being priced in.

Crude Tankers
Large crude carriers are still avoiding high-risk areas in the Middle East, especially the Strait of Hormuz and Red Sea. As a result, ships are sailing longer routes around Africa, tightening vessel availability and keeping rates elevated across key corridors.

LNG Shipping
LNG freight out of the Atlantic Basin is facing strong rate support. A combination of vessel scarcity and strategic rerouting by operators has reduced spot ship availability. Although the Strait of Hormuz remains passable, many LNG cargos are taking the longer route to minimize potential disruptions.

Geopolitical & Logistics Update

• Hormuz Strait: Activity through the Strait remains lower than normal. Even with a temporary easing in tensions, commercial shipping remains cautious. Throughput is still down significantly compared to earlier in the month.

• Insurance Costs: Risk premiums are now baked into most Middle East-linked voyages. While war-risk surcharges have eased slightly from last week’s peak, owners are still charging higher rates, and charterers are absorbing the difference.

• Red Sea & Suez Corridor: The bulk of east-west traffic continues to reroute around the Cape of Good Hope. While this detour ensures safety, it has extended voyage timelines and limited tanker availability in the short term.