OPEC+ agreed to extend all production curbs into next year and adjust supply down (if needed) —Crude oil prices will stay in the current range
Truck volume, measured by posts to DAT’s van spot market, is down ~6% from April to May and ~23% from May 2023.
The worst news:
When volume trends up, expect a significant spike in rates as a reduced carrier base (many are going out of business), weakened by low or no profitability, tries to (but fails) to scale up.
The good news:
Diesel prices are still falling (See graph from the Wall Street Journal)
The Panama Canal increased the allowed vessel draft ahead of schedule as an early rainy season improves conditions.