National Average Price for Regular – Current: $2.436; Month Ago: $2.526; Year Ago: $2.270. National Average Price for Diesel – Current: $2.832; Month Ago: $2.837; Year Ago: $2.462.

Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran. The Organization of Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices, OPEC and oil industry sources told Reuters. Click Read More below for additional information.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index increased 0.5% in May after falling 1.4% in April. In May, the index equaled 117.1 (2015=100) versus 116.5 in April. “The transition in the freight market continued in May with the index hitting the second highest level since the pandemic started. Specifically on the market transition, ATA’s tonnage index is dominated by contract freight. The traditional spot market has slowed as freight softens, but these contract carriers are backfilling any losses in freight with loads from shippers that is reducing spot market exposure,” said ATA Chief Economist Bob Costello. “Essentially the market is transitioning back to pre-pandemic shares of contract versus spot market. “Overall, economic indicators that are important to trucking slowed in May, including retail sales, housing starts, and manufacturing output,” he said. Compared with May 2021, the SA index increased 3.7%, which was the ninth straight year-over-year gain and the largest since April 2021. In April, the index was up 2.5% from a year earlier. In 2022, year-to-date and compared with same period in 2021, tonnage was up 2.7%.