Fuel and Freight Daily Update - 8/5/25

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08/05/2025

All pricing reflects end‑of‑day settlements from August 4th, 2025.

• WTI (Sept): $66.29 ▼ 1.04

• Brent (Oct): $68.76 ▼ 0.91

• RBOB (Sept): $2.1022 ▼ 0.0164

• ULSD (HO Sep): $2.3176 ▲ 0.0177

• Ethanol (CU Sep): $1.7525 ▲ 0.0050

• HO/Brent (Sept): $29.06 ▲ 1.36

• RB/Brent (Sept): $13.98 ▲ 0.05

• HO/WTI Crack (Sept): $31.05 ▲ 1.78

Colonial Pipeline Differentials:

• ULSD 62g (C45): -7.65

• Jet Fuel 54g (C46): -25.00

LT (ULSD) CME Blocks:

BALMO: -7.65
Q4 ’25 Avg: -10.43
Q1 ’26 Avg: -8.45
Q2 ’26 Avg: -6.43
Q3 ’26 Avg: -6.19

ME (Jet) CME Blocks:

BALMO: -24.63
Q4 ’25 Avg: -27.15
Q1 ’26 Avg: -21.83
Q2 ’26 Avg: -18.71
Q3 ’26 Avg: -18.54

RIN Futures (Dec ’25)

• D6 (Ethanol): $1.1375 ▼ 0.0075

• D4 (Biodiesel): $1.1985 ▲ 0.0065

• D5 (Advanced): $1.1850 ▲ 0.0050

• D3 (Cellulosic): $2.1800 (flat)

Clean Tankers
The U.S. Gulf remains oversupplied with clean product tankers, though steady demand from Latin America and the East Coast is still providing a supportive floor for rates. Owners are continuing to build in extra time for delays and re-routing, which is helping to offset some of the impact from the tonnage overhang. However, sentiment remains cautious—any drop in exports or rapid repositioning could quickly flip the balance.

Crude Tankers
VLCCs are still avoiding high-risk chokepoints, with most long-haul flows opting for the Cape of Good Hope. This continues to add duration to voyages, tie up vessel availability, and support rates. The Middle East-to-Asia corridor remains tight, with minimal signs of rerouting normalization. The structural tightness in long-haul crude freight is expected to persist short-term.

LNG Shipping
LNG freight markets remain firm, with Atlantic basin demand holding steady and risk-averse routing still the norm. Vessel supply remains tight on the spot market, leaving the sector vulnerable to any short-term demand surges or weather disruptions. Pricing continues to reflect a freight environment driven by caution, not slack.

Routing & Geopolitical Conditions
No material changes observed. Clean, crude, and LNG segments continue to favor the Cape of Good Hope over Suez or Hormuz, prioritizing safety and operational predictability. This ongoing detour continues to stretch voyage times and limit available capacity globally, keeping freight rates firm across all segments.

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