Daily Update — October 24, 2025
US vs. EU Energy Transition; Freight Rates Surge; and Mapping Political Volatility
Today is Friday, October 24, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
Listen: Transatlantic divide: US and EU chart different energy transition paths | Energy Evolution
In this episode of the “Energy Evolution” podcast, host Eklavya Gupte explored the growing divergence between European and US climate policies nearly a year into President Donald Trump's second term. As the US pivots toward fossil fuel expansion and rolls back clean energy initiatives, Europe is recalibrating its energy transition pace amid mounting concerns about economic competitiveness and affordability.
The discussion featured S&P Global Commodity Insights’ Laurent Ruseckas, executive director of gas, geopolitics and finance, and Coralie Laurencin, director of European gas, power and carbon policy. They examined Europe's pushback on climate regulations, the implementation challenges facing the EU's methane rules and carbon border adjustment mechanism, and how surging US LNG supplies could strengthen transatlantic energy ties.
Global Trade
US, China port tariffs lend extra boost to VLCC freight rates
Freight rates for very large crude carriers (VLCC) have surged as the onset of US and China port tariffs, with accompanying extra costs and fleet inefficiencies, has added to robust demand for carriage from strong crude production. On Oct. 14, the US and China each imposed high port fees on tonnage linked to the other's country. Section 301 measures of the US Trade Representative's Office were published well in advance and attracted considerable industry comment. In contrast, China's measures arrived with little notice as Beijing said it would issue a policy response only in late September.
Platts, part of S&P Global Commodity Insights, assessed the rate to carry a 270,000-metric-ton cargo of crude from the US Gulf Coast to China at $46.67/t on Oct. 17, the highest level since Dec. 22, and 73% above the five-year average.
Economy
Listen: Mapping Political Volatility: Elections, Unrest and Instability in Key Regions | The Decisive
In this episode of “The Decisive” podcast, host Kristen Hallam led a compelling discussion on the rising political volatility across regions including Asia-Pacific, Europe and Latin America. The panel, comprising S&P Global Market Intelligence’s Carla Selman, Bibianna Norek and Jeffery McElroy, explored the factors driving instability and discussed the implications of recent leadership changes, civil unrest and the role of immigration in shaping political landscapes.
The experts also discussed the upcoming elections in Latin America as well as the delicate balance countries must maintain between their relationships with the US and China.
In case you missed it
- Oil product stockpiles at Fujairah in the United Arab Emirates climbed 12% in the week ended Oct. 20, led by a 39% weekly rise in heavy distillates used as fuel oil for power generation and shipping, according to Fujairah Oil Industry Zone data published Oct. 22.
- Demand for Asian flat and long steel is expected to be sluggish in the fourth quarter, with export volumes likely to soften after strong early-year shipments.
- Investors are flocking to the UK's battery storage market, with falling capital costs and the rise of fixed-price offtake structures driving a wave of dealmaking in 2025.
Upcoming events
- Tariffs on Trade: How it’s impacting economies and sectors | October 29 (Webinar)
- Q3 GenAI Funding: Record volumes continue as Agentic AI takes center stage | October 29 (Webinar)
- CERAWeek 2026 | March 23–27, 2026 (Houston)