Fuel and Freight Daily Update - 7/1/25

08/01/2025

All pricing reflects end‑of‑day settlements from June 30th, 2025

• WTI (Aug): $65.11 ▼ 0.41

• Brent (Aug): $67.61 ▼ 0.16

• RBOB (Jul): $2.0798 ▼ 0.0100

• ULSD (HO Jul): $2.3458 ▲ 0.0386

• HO/Brent (Aug): $27.99 ▲ 1.65

• RB/Brent (Aug): $19.42 ▲ 0.27

• HO/WTI Crack (Aug): $30.49 ▲ 1.90

• HOGO (Aug Futures): +15.50 ▲ 0.0050

• July '25: +14.00

• Aug '25: +15.00

• Q3 '25: +14.85

• Q4 '25: +16.95

• Q1 '26: +16.70

• Q2 '26: +14.00

Colonial Pipeline Differentials:

• ULSD 62g (C38): -4.75

• Jet Fuel 54g (C39): -21.50

LT (ULSD) CME Blocks:

BALMO: -7.45
Q4 ’25 Avg: -10.25
Q1 ’26 Avg: -8.32
Q2 ’26 Avg: -6.48
Q3 ’26 Avg: -6.30

ME (Jet) CME Blocks:

BALMO: -20.75
Q4 ’25 Avg: -22.08
Q1 ’26 Avg: -20.00
Q2 ’26 Avg: -17.29
Q3 ’26 Avg: -17.75

RIN Futures (Dec ’25)

• D6 (Ethanol): $1.0650 (flat)

• D4 (Biodiesel): $1.1500 (flat)

• D5 (Advanced): $1.1450 ▲ 0.0150

• D3 (Cellulosic): $2.0950 ▼ 0.0250

Clean Tankers
Freight rates are firming slightly as tonnage builds along the U.S. Gulf Coast. While vessel availability remains high, steady flows into Latin America and the East Coast are helping balance some of the overhang. Operators are also starting to bake in risk-related premiums and longer voyage times as a baseline, not an exception.

Crude Tankers
Crude freight remains strong with VLCCs continuing to avoid the Strait of Hormuz and Red Sea. Most traffic is rerouting around the Cape of Good Hope, extending trips by over a week and tying up vessel availability. This shift is keeping global rates supported across major crude routes.

LNG Shipping
Charter rates for LNG remain elevated, especially in the Atlantic. A limited pool of vessels and persistent rerouting away from high-risk zones are stretching schedules and driving up spot pricing. Even without full shutdowns, operators are moving cautiously and building in extra time buffers.

Geopolitical & Logistics Snapshot

Strait of Hormuz
Traffic through Hormuz remains slower than normal, even after the recent pause in tensions. Many tankers are idling or sailing cautiously, and a portion of fleet traffic is still taking alternative routes. Risk management practices appear to be standardizing around reduced throughput.

Red Sea & Suez Canal
Most shipping continues to bypass the Suez Canal entirely, opting for longer trips around Africa. This rerouting has effectively become the default path for many operators, causing congestion and elevated fuel and freight costs along alternate corridors.

Big Picture
Risk premiums and longer voyages are now routine. With no firm resolution in place for the regional tensions, the elevated freight environment looks set to persist for the time being.

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