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- Fuel and Freight Daily Update - 7/3/25
08/02/2025
All pricing reflects end‑of‑day settlements from July 2nd, 2025
Futures Market Settles
WTI (Aug): $67.45 ▲ 2.00
Brent (Sept): $69.11 ▲ 2.00
RBOB (Aug): $2.1229 ▲ 0.0226
ULSD (HO Aug): $2.4117 ▲ 0.0848
Key Spreads & Cracks
HO/Brent (Sept): $30.05 ▲ 0.97
RB/Brent (Sept): $18.75 ▼ 0.96
HO/WTI Crack (Aug): $33.84 ▲ 1.56
HOGO (Aug Futures): +19.45 ▲ 0.0270
HOGO Swaps
Aug '25: +17.50
Sep '25: +17.95
Q4 '25: +19.15
Q1 '26: +18.50
Q2 '26: +15.30
ULSD & Jet Physical Market Settles (LT & ME Contracts)
Colonial Pipeline Differentials:
ULSD 62g (C38): -5.10
Jet Fuel 54g (C39): -25.90
LT (ULSD) CME Blocks:
BALMO: -7.45
Q4 ’25 Avg: -10.43
Q1 ’26 Avg: -8.45
Q2 ’26 Avg: -6.23
Q3 ’26 Avg: -5.80
ME (Jet) CME Blocks:
BALMO: -20.75
Q4 ’25 Avg: -23.50
Q1 ’26 Avg: -20.00
Q2 ’26 Avg: -17.29
Q3 ’26 Avg: -17.50
RIN Futures
RIN Futures (Dec ’25)
D6 (Ethanol): $1.1275 ▲ 0.0425
D4 (Biodiesel): $1.2145 ▲ 0.0420
D5 (Advanced): $1.1900 ▲ 0.0400
D3 (Cellulosic): $2.1300 ▲ 0.0300
Freight Market Summary
Clean Tankers
The U.S. Gulf Coast continues to see a surplus of clean tanker vessels. Yet steady demand from Latin America and the East Coast is gradually absorbing the overhang. Vessel operators are pricing in longer voyages and regional volatility as the new baseline.
Crude Tankers
Large crude tankers remain on reroute mode, skipping the Strait of Hormuz and the Red Sea. Instead, they’re taking the longer Cape of Good Hope route — pushing voyage durations past normal timeframes. Demand remains firm, especially on Middle East–Asia lanes, supporting spot rates.
LNG Shipping
Charter rates for LNG vessels remain elevated, particularly in the Atlantic. Vessel availability is tight due to rerouting and longer roundtrips. Even without an active shutdown, operators continue to build in safety buffers and carefully manage schedules.
Geopolitical & Logistics Watch
• Strait of Hormuz – Traffic remains below typical levels (roughly 25–30% off June averages), even after a ceasefire. Owners are continuing cautious operations, slowing or rerouting transit.
• Red Sea/Suez Canal – Activity continues to avoid the Suez—most vessels still opt for Cape passage. While some carriers are cautiously returning, routing delays and insurance premiums remain elevated.
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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