Fuel and Freight Daily Update - 8/1/25

08/01/2025

All pricing reflects end‑of‑day settlements from July 31st, 2025

• WTI (Sept): $69.26 ▼ 0.74

• Brent (Sept): $72.53 ▼ 0.71

• RBOB (Aug): $2.2156 ▼ 0.0535

• ULSD (HO Aug): $2.3995 ▼ 0.0190

• Ethanol (CU Sep): $1.7400

• HO/Brent (Sept): $28.10 ▲ 0.09

• RB/Brent (Sept): $18.77 ▼ 0.47

• HO/WTI Crack (Sept): $31.37 ▲ 0.12

Colonial Pipeline Differentials:

• ULSD 62g (C45): -7.65

• Jet Fuel 54g (C46): -25.50

LT (ULSD) CME Blocks:

BALMO: -7.60
Q4 ’25 Avg: -10.50
Q1 ’26 Avg: -8.57
Q2 ’26 Avg: -6.40
Q3 ’26 Avg: -6.30

ME (Jet) CME Blocks:

BALMO: -24.50
Q4 ’25 Avg: -25.42
Q1 ’26 Avg: -21.83
Q2 ’26 Avg: -18.71
Q3 ’26 Avg: -19.17

RIN Futures (Dec ’25)

• D6 (Ethanol): $1.1350 ▼ 0.0425

• D4 (Biodiesel): $1.1975 ▼ 0.0425

• D5 (Advanced): $1.2050 ▼ 0.0325

• D3 (Cellulosic): $2.1800 (flat)

Clean Tankers
Tonnage remains long in the U.S. Gulf, but steady export demand—particularly into Latin America and the East Coast—is helping rates stay afloat. Most shipowners are still building in delay buffers and extra days for routing risk, which is supporting the current rate environment. However, the imbalance between supply and demand continues to linger just below the surface. If export flows slow or repositioning accelerates, downside pressure could return quickly.

Crude Tankers
VLCCs continue to favor the Cape of Good Hope, bypassing the Red Sea and Hormuz due to persistent geopolitical risks. These longer-haul routes are keeping vessels tied up longer and tightening global availability. Freight rates remain well supported, especially for Middle East-to-Asia volumes. The market remains structurally tight, with little indication of a routing shift on the horizon.

LNG Shipping
LNG rates remain firm amid minimal spot vessel availability. Atlantic basin demand is steady, and voyage durations remain extended due to risk-averse routing. The lack of spare capacity leaves the market vulnerable to any short-term demand surges or unexpected weather disruptions. Overall, pricing continues to reflect a tight and cautious freight environment.

Routing & Geopolitical Conditions
No major changes in routing behavior. The Cape of Good Hope remains the preferred detour for clean, crude, and LNG vessels avoiding the Red Sea and Hormuz. This persistent rerouting continues to stretch voyage times, elevate costs, and constrain available tonnage across global tanker classes.