Fuel and Freight Daily Update - 7/22/25

08/01/2025

All pricing reflects end‑of‑day settlements from July 21st, 2025

• WTI (Aug): $67.20 ▼ 0.14

• Brent (Sept): $69.21 ▼ 0.07

• RBOB (Aug): $2.1319 ▼ 0.0215

• ULSD (HO Aug): $2.5092 ▲ 0.0562

• HO/Brent (Sept): $34.79 ▲ 2.08

• RB/Brent (Sept): $18.81 ▼ 0.72

• HO/WTI Crack (Aug): $38.19 ▲ 2.50

Colonial Pipeline Differentials:

• ULSD 62g (C43): -5.10

• Jet Fuel 54g (C43): -23.50

LT (ULSD) CME Blocks:

BALMO: -7.80
Q4 ’25 Avg: -10.73
Q1 ’26 Avg: -8.62
Q2 ’26 Avg: -6.53
Q3 ’26 Avg: -6.36

ME (Jet) CME Blocks:

BALMO: -24.13
Q4 ’25 Avg: -24.66
Q1 ’26 Avg: -20.88
Q2 ’26 Avg: -18.08
Q3 ’26 Avg: -17.92

RIN Futures (Dec ’25)

• D6 (Ethanol): $1.1800 ▲ 0.0075

• D4 (Biodiesel): $1.2350 ▲ 0.0025

• D5 (Advanced): $1.2200 ▼ 0.0125

• D3 (Cellulosic): $2.1850 ▲ 0.0050

Clean Tankers:
Clean tanker availability along the U.S. Gulf remains heavy, but consistent product flows to Latin America and the East Coast continue to prevent rate deterioration. Shipowners are still pricing in rerouting delays and logistical risk, which is helping to support freight even in an oversupplied environment. That said, if cargo volumes pull back, the current rate stability could be at risk.

Crude Tankers:
VLCCs are continuing to bypass the Red Sea and Strait of Hormuz in favor of the longer Cape of Good Hope route. This extended voyage path is helping absorb global tonnage and maintain upward pressure on rates, particularly for eastbound flows to Asia. The market remains firm, and the lack of change in routing strategy suggests that sentiment isn’t shifting anytime soon.

LNG Shipping:
Spot LNG rates are holding firm as vessel supply remains constrained and risk-averse routing strategies continue to stretch voyage durations. Atlantic basin demand remains strong, keeping tonnage tight. With no major shifts in demand or weather, the current bullish undertone in the LNG freight market remains intact.

Routing & Geopolitical Watch:
Routing trends remain unchanged. The Cape of Good Hope continues to serve as the preferred route for both clean and dirty tankers avoiding the Suez and Hormuz. This choice continues to reinforce longer trip times, tighter vessel availability, and increased cost structures across multiple shipping markets.

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