Fuel and Freight Daily Update - 9/2/25

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09/04/2025

All prices reflect end-of-day settlements from August 29th, 2025

Colonial Pipeline Differentials (USGC):

• ULSD 62g (C51): -7.50

• Jet Fuel 54g (C51): -23.00

Clean Tankers
The U.S. Gulf remains long on clean product tankers, keeping owners under pressure. Steady exports into Latin America and the East Coast are providing some rate stability, but oversupply continues to weigh on sentiment. Risk premiums tied to geopolitical uncertainty and delay buffers remain embedded in pricing, preventing a sharper collapse, though the balance stays fragile.

Crude Tankers
VLCCs continue to route via the Cape of Good Hope, bypassing Hormuz and the Red Sea. These extended voyages are absorbing global capacity and keeping Middle East–Asia freight rates supported. Market participants continue to view the Cape detour as the “default,” leaving structural inefficiencies in place that sustain a pricing floor despite softer global demand.

LNG Shipping
LNG freight remains firm, with Atlantic Basin demand steady and vessel availability limited. Seasonal weather risks and cautious routing strategies are extending voyage durations, keeping spot supply constrained. The market remains vulnerable to upside if incremental demand emerges.

Routing & Geopolitics
No material shifts today—tankers across clean, crude, and LNG markets continue to detour around higher-risk regions. These longer voyages absorb tonnage and maintain structural support under rates, leaving conditions stable but sensitive to changes in demand or weather-driven disruptions.

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