It took one week for the frenzy to set in on the eastbound trans-Pacific. Mid-high average spot rates paid by shippers in the 75th percentile of the market for transit…

Futures gained 1 percent in New York after rising 1.6 percent the previous two sessions. The IEA boosted its forecast on stronger-than-expected consumption in Europe and the U.S., and said that inventories of refined products are subsiding to their five-year average. A six-month extension to supply curbs from the end of March is one of the options being considered by OPEC and its allies, according to a person familiar with the matter. Oil in New York has averaged about $49 a barrel this year as efforts to drain a global glut by the Organization of Petroleum Exporting Countries and partners including Russia are stifled by rising shale output. U.S. crude inventories expanded by 6.18 million barrels last week, according to industry data, as oil processors gradually restarted following Harvey. Click Read More below for more of the story.

The American Trucking Associations expressed grave concerns about media reports that the Environmental Protection Agency may be on the verge of granting the state of California waivers to implement potentially harmful and unrealistic emissions rules. “Our industry hopes these reports aren’t true. We have worked tirelessly with EPA on aggressive, achievable timelines for emissions reductions over decades. In fact, a truck in 1988 emitted as much as 60 trucks today – a more than 98% reduction – and we’re committed to the path to zero,” said ATA President and CEO Chris Spear. “If the reports are in fact accurate, let us remind you that this isn't the United States of California. As we learned in the pandemic, the supply chain can be a fragile thing – and its integrity must be preserved at the national level. This decision has little to do with improving the environment, and everything to do with placating the far left of the environmental lobby without regard for the hard-working men and women of our industry or our country who will be left to implement California’s vision for America.