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- Fuel and Freight Daily Update - 9/22/25
09/22/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from September 19th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Oct) | $62.68 | ▼ 0.89 |
Brent Final Day (Nov) | $66.68 | ▼ 0.76 |
RBOB (Oct) | $1.9707 | ▼ 0.0407 |
ULSD (Oct) | $2.2989 | ▼ 0.0411 |
Ethanol CU (Sept) | $1.9825 | ▼ 0.0250 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Nov) | $29.66 | ▼ 0.91 |
RB/Brent (Oct) | $13.65 | ▼ 0.90 |
HO/WTI Crack (Oct) | $33.87 | ▼ 0.84 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C54): -6.00
Jet Fuel 54g (C55): -20.00
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $0.9725 | ▼ 0.0100 |
D4 (Biodiesel) | $1.0123 | ▼ 0.0037 |
D5 (Advanced) | $1.0025 | ▼ 0.0025 |
D3 (Cellulosic) | $2.1900 | ▼ 0.0100 |
Freight Market Summary
Clean Tankers – The U.S. Gulf remains long on clean tanker tonnage, leaving owners under pressure. While steady flows into Latin America and the U.S. East Coast are offering some support, oversupply continues to weigh on sentiment. Risk premiums for congestion and geopolitical uncertainty remain embedded, cushioning rates from sharper declines. Market tone is soft but balanced.
Crude Tankers – VLCCs remain firmly routed via the Cape of Good Hope, bypassing Hormuz and the Red Sea. These extended voyages absorb global capacity and sustain firmness in Middle East–Asia long-haul rates. Despite muted demand signals, the Cape detour has become entrenched as the “default” routing, maintaining structural support for crude freight.
LNG Shipping – The Atlantic Basin remains tight for LNG freight. Limited vessel supply, risk-averse routing, and seasonal weather concerns are lengthening voyages and constraining spot availability. Rates remain elevated, with the market vulnerable to upside if incremental demand emerges.
Routing & Geopolitics – No notable shifts reported. Clean, crude, and LNG vessels continue rerouting around high-risk chokepoints, extending voyage times and tying up tonnage. These structural inefficiencies are reinforcing a pricing floor across freight markets, leaving conditions stable but fragile.
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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