American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index grew 1.8% in August after rising 0.4% in July. In August, the index equaled 115.8 (2015=100) compared with 113.8 in July. “August tonnage levels rose to the highest level since February 2023,” said ATA Chief Economist Bob Costello. “Not only does the latest robust gain show freight levels are coming off the bottom, but so does the sequential pattern over the last eight months. Starting earlier this year, every time tonnage falls, it is higher than the previous low. For me, this month-to-month pattern is more important than looking at the year-over-year percent changes since we are at an inflection point in the freight market.” July’s increase was revised up from our August 20 press release. Compared with August 2023, the index increased 0.7%, just the second year-over-year gain in the last eighteen months (the other being in May 2024).

The optimism for the U.S. benchmark came after Baker Hughes BHGE, -1.08% reported that the number of active U.S. rigs drilling for oil was down 4 at 747 last week, breaking a three-week string of rising rig numbers. A drop in rigs implies a slowdown in drilling activity, which is usually boost oil prices. Brent also got a boost from the closure of North Sea Forties pipeline due to a power outage. “The outage of the North Sea’s most important oil and gas pipeline is continuing to lend support,” analysts at Commerzbank said in a note. Click Read More below for additional information.

National Average Price for Regular Unleaded Current: $3.503; Month Ago: $3.586; Year Ago: $3.556. National Average Price for Diesel Current: $3.814; Month Ago: $3.863; Year Ago: $3.877.