Secondary and smaller ports across the U.S. are processing less trade as shippers readjust supply chains against the latest tariff deadlines. Ports of Oakland, Jacksonville, New Orleans, and Panama City, Florida, are among those "getting sandwiched out of port calls as more shippers decide to unload their freight in the larger ports," said Paul Brashier, vice president of global supply chain at ITS Logistics. "This is not a seasonal dip, but a market recalibration," said a top official at Port of Oakland.

December futures were little-changed in New York. OPEC and its partners including Russia achieved a record-high level of compliance to output cuts during September, according to a statement on Saturday. In the U.S., drillers reduced the rig count for a third week to the lowest since June, according to Baker Hughes. “The lower U.S. rig count number, the OPEC compliance number and the geopolitical headlines from northern Iraq and Iran on sanctions have helped futures higher,” Ole Hansen, head of commodity strategy at Saxo Bank A/S said. “But there are signs the market could be weakening with the seasonal refinery demand slowdown.” One sign that demand could be weakening is the Brent market structure known as backwardation -- when prompt prices are more expensive than later-dated futures -- which isn’t as strong as a month ago, said Hansen. Click Read More below for additional information.

The trucking industry generated $791.7 billion in revenue in 2019, moving 11.84 billion tons of freight, according to the latest edition of American Trucking Associations’ annual data compendium – ATA American Trucking Trends 2020. “Despite a challenging year, the data contained in American Trucking Trends shows the industry was in good shape entering the global pandemic,” said ATA Chief Economist Bob Costello. “Trends continues to be an indispensable, one-stop resource for decision makers to have the latest information about the state of the trucking industry.”