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- Fuel and Freight Daily Update - 9/29/25
09/29/2025
Futures Market Settles (Front Month)
All prices reflect end-of-day settlements from September 26th, 2025
Instrument | Settlement | Change |
|---|---|---|
WTI Future (Nov) | $65.72 | ▲ 0.74 |
Brent Final Day (Nov) | $70.13 | ▲ 0.71 |
RBOB (Oct) | $2.0376 | ▲ 0.0354 |
ULSD (Oct) | $2.4289 | ▲ 0.0024 |
Ethanol CU (Sept) | $1.9850 | ▲ 0.0050 |
Spread | Value | Change |
|---|---|---|
HO/Brent (Nov) | $31.37 | ▼ 0.68 |
RB/Brent (Nov) | $13.40 | ▲ 0.72 |
HO/WTI Crack (Nov) | $35.78 | ▼ 0.71 |
ULSD & Jet Physical Market Settles
Colonial Pipeline Differentials (USGC):
ULSD 62g (C56): -5.05
Jet Fuel 54g (C57): -16.75
OPIS RIN Futures
Type | Price | Change |
|---|---|---|
D6 (Ethanol) | $0.9350 | ▼ 0.0175 |
D4 (Biodiesel) | $0.9710 | ▼ 0.0149 |
D5 (Advanced) | $0.9625 | ▼ 0.0150 |
D3 (Cellulosic) | $2.2300 | (FLAT) |
Freight Market Summary
Clean Tankers – The U.S. Gulf remains oversupplied with clean product tonnage, keeping owners under pressure. Exports into Latin America and the East Coast continue to provide some support, but oversupply persists as the defining headwind. Risk premiums tied to congestion and geopolitical tensions remain embedded, cushioning rates from sharper declines. Market tone remains soft but stable.
Crude Tankers – VLCCs are maintaining the Cape of Good Hope route, bypassing Hormuz and the Red Sea. These extended voyages continue to absorb global capacity, sustaining firm Middle East–Asia rates despite muted demand signals. The Cape detour is now entrenched as the “default” route, providing structural support across the crude tanker market.
LNG Shipping – LNG freight remains well supported with Atlantic Basin demand steady and vessel availability limited. Seasonal weather risks and risk-averse routing strategies are lengthening voyages, restricting spot supply. The market remains tight, with little slack to absorb incremental demand or unexpected disruptions.
Routing & Geopolitics – No significant changes reported in routing behavior. Tankers across clean, crude, and LNG segments continue detouring around high-risk chokepoints. These structural inefficiencies keep global tonnage tied up, reinforcing a pricing floor across freight markets and leaving conditions balanced but vulnerable.
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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