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- Fuel and Freight Daily Update - 7/21/25
08/01/2025
All pricing reflects end‑of‑day settlements from July 18th, 2025
Futures Market Settles
WTI (Aug): $67.34 ▼ 0.20
Brent (Sept): $69.28 ▼ 0.24
RBOB (Aug): $2.1534 ▼ 0.0170
ULSD (HO Aug): $2.4530 ▼ 0.0116
Key Spreads & Cracks
HO/Brent (Sept): $32.71 ▼ 0.03
RB/Brent (Sept): $19.53 ▼ 0.37
HO/WTI Crack (Aug): $35.69 ▼ 0.29
ULSD & Jet Physical Market Settles (LT & ME Contracts)
Colonial Pipeline Differentials:
ULSD 62g (C42): -4.75
Jet Fuel 54g (C43): -22.00
LT (ULSD) CME Blocks:
BALMO: -7.80
Q4 ’25 Avg: -10.61
Q1 ’26 Avg: -8.60
Q2 ’26 Avg: -6.50
Q3 ’26 Avg: -6.32
ME (Jet) CME Blocks:
BALMO: -24.13
Q4 ’25 Avg: -24.25
Q1 ’26 Avg: -20.75
Q2 ’26 Avg: -18.08
Q3 ’26 Avg: -17.92
RIN Futures
RIN Futures (Dec ’25)
D6 (Ethanol): $1.1725 ▼ 0.0125
D4 (Biodiesel): $1.2325 ▼ 0.0165
D5 (Advanced): $1.2325 ▼ 0.0050
D3 (Cellulosic): $2.1800 ▲ 0.0100
Freight Market Summary
Clean Tankers:
The U.S. Gulf remains oversupplied with clean tankers, but steady export flows into Latin America and the East Coast are still preventing any major rate declines. Most owners continue to include delay buffers and rerouting risk premiums in their calculations, which is helping keep rates stable. However, with this much tonnage on hand, any slowdown in demand could quickly tip the balance.
Crude Tankers:
VLCCs are holding to their current strategy of avoiding the Red Sea and Strait of Hormuz. The longer haul around the Cape of Good Hope continues to absorb global tonnage, limiting availability and supporting firm freight rates. Demand from the Middle East into Asia remains consistent, keeping pressure on capacity and helping rates stay supported.
LNG Shipping:
Spot LNG freight remains firm with limited vessel availability and ongoing Atlantic basin demand. Risk-averse routing strategies are stretching round-trip times, maintaining a tight environment. The market remains sensitive to any changes in demand or weather-driven shifts in shipping patterns.
Routing & Geopolitical Update:
No material changes in routing behavior today. The Cape remains the preferred path for many tankers as geopolitical risks persist. This extended routing continues to tighten tonnage supply and increase voyage costs across clean, crude, and LNG segments.
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Disclaimer
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