Futures were little changed in New York, up more than 9 percent in September. Oil this week returned to a bull market on signs the persistent crude surplus was finally starting to shrink, while Trafigura Group and Citigroup Inc. warned of the potential for a further supply squeeze in 2018. The Organization of Petroleum Exporting Countries and Russia have hailed the success of their agreement to cut production and urged their allies to stay focused on finishing the job. U.S. Gulf Coast refiners restarted after last month’s hurricanes. Click Read More below for additional detail.
American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.5% in May after falling 1.4% in April. In May, the index equaled 117.1 (2015=100) versus 116.5 in April.
“The transition in the freight market continued in May with the index hitting the second highest level since the pandemic started. Specifically on the market transition, ATA’s tonnage index is dominated by contract freight. The traditional spot market has slowed as freight softens, but these contract carriers are backfilling any losses in freight with loads from shippers that is reducing spot market exposure,” said ATA Chief Economist Bob Costello. “Essentially the market is transitioning back to pre-pandemic shares of contract versus spot market.
“Overall, economic indicators that are important to trucking slowed in May, including retail sales, housing starts, and manufacturing output,” he said.
April’s decline was revised up from our May 24 press release.
Compared with May 2021, the SA index increased 3.7%, which was the ninth straight year-over-year gain and the largest since April 2021. In April, the index was up 2.5% from a year earlier. In 2022, year-to-date and compared with same period in 2021, tonnage was up 2.7%.
more at: https://www.trucking.org/news-insights/ata-truck-tonnage-index-rose-05-may