Dockworkers’ strike ends; compromise bid in looming rail strike

National Average Price for Regular Unleaded Current: $3.421; Month Ago: $3.204; Year Ago: $2.117. National Average Price for Diesel Current: $3.641; Month Ago: $3.365; Year Ago: $2.363.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index was unchanged in February after increasing 0.4% in January. In February, the index equaled 115.3 (2015=100) the same as January. “February was the first month that the index didn’t increase since July,” said ATA Chief Economist Bob Costello. “Despite a string of gains, the index is still off 1.8% from March 2020. The index is also off 4.2% from the all-time high in August 2019. It is important to note that ATA’s data is dominated by contract freight, not spot market. “Demand for trucking freight services remains strong, but for-hire contract carriers are capacity constrained due to the driver and equipment markets. The spot market has been surging as these carriers can’t haul all of the freight they are asked to move,” he said. “So the fact that the tonnage index hasn’t fully recovered is a supply problem, not a lack of demand. Other ATA data shows that for-hire carriers are operating around 7% fewer trucks, both company and independent contractor equipment, than prior to the pandemic.”

Oil prices slipped Monday, giving back some of a steep climb from Friday seen after Saudi Crown Prince Mohammed bin Salman said the kingdom would develop nuclear weapons if arch-rival Iran did. Underpinning prices are tensions between Saudi Arabia and Iran, which are seen potentially disrupting global supplies. The Saudi crown prince visits the U.S. this week, which could provide plenty of headlines, as the Trump administration has called for a new look at the Iran nuclear pact. Trump told European leaders they must “fix the terrible flaws” in the deal or the U.S. would refuse to extend its sanctions relief on Iran. Click Read More below for additional information.