Knight/Swift projections after reporting a big drop in profits for Q1:• Continued softness in freight demand with non-contract rates trending below contract rates through the first half of 2023 

• Capacity continues to exit at an accelerating rate 

• Freight volumes begin to improve during Q3

• Spot pricing bottoms out in Q2 and begins recovering in 2nd half of 2023 

• Expect trailer pool service to continue to be a differentiator when demand recovers 

• LTL demand pressured but remains more stable than truckload

• LTL improvement in revenue (excluding fuel) per hundredweight year-over-year 

• Inflationary pressures ease in many cost areas but remain elevated on a year-over-year basis 

• Equipment and labor availability continues to improve, particularly for large carriers 

• Demand in the used equipment market weakens as small carriers struggle.

Diesel: Improving trends (Not necessarily reflected in the street prices)

Exxon refinery expansion: $2 billion project increases capacity for transportation fuels by 250,000 barrels per day. While it is not enough to make up for 2021 + 2022 closures, it is a step in the right direction.