Find the sweet spot by asking your navigator for distance to go at present speed. If you set that speed (about 8 knots in type-7, but Wreford-Brown's mod works easiest) then you'll have no worries about fuel anymore. (well with a type-2 maybe)
If you go slower wil drain your fuel just as quickly (same time) as the 'best range' speed. The distance you can travel does reduce. However, the shorter distance is made up for the slower speed at which you travel. You'll roughly be able to spend the same time at sea at a slow speed up until best speed.
If you go faster you'll drain the fuel tank quite quickly. I mean, the possible distance you can go shrinks, but at a higher moving speed it also means you'll reach that distance earlier. But do not let this discourage you from intercepting your target at fullspeed. Tonnage is more important than fuel economy. But flankspeed is not enough speed gain for me over full speed. So I never use it unless I need to avoid ashcans.
If you experience bad weather then your speed is reduced. But I don't know to which extent this increases fuel consumption. I just leave it be unless I need to move at a specific speed, like follow a contact.
And keep in mind the reported distance is the total amount. It has to be further than the sum of the route to your grid square and the return trip (with enough kilometers/fuel left for the hunt ofcourse).
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