National Average Price for Regular Unleaded Current: $4.413; Month Ago: $4.955; Year Ago: $3.159. National Average Price for Diesel Current: $5.455; Month Ago: $5.812; Year Ago: $3.271.

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index decreased 5.1% in July after surging 8.9% in June. In July, the index equaled 109.6 (2015=100) compared with 115.5 in June. Despite July’s decline, the index was 3.3% above the recent low in May. June’s increase was revised up slightly to 8.9% from our July 21 press release. Compared with July 2019, the SA index contracted 8.3%, the fourth straight year-over-year decline. Year-to-date, compared with the same period in 2019, tonnage is down 3.2%.

Futures in New York slipped as much as 2.1 percent to the lowest intraday price since March 20. China’s Ministry of Commerce said it would levy 25 percent tariffs on imports of 106 U.S. products including automobiles and aircraft. That wiped out earlier support for prices as Organization of Petroleum Exporting Countries output dropped to the lowest in a year in March. “It’s only logical to see profit-taking in light of looming trade tensions and possible financial market turbulence,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. Global equities sank after China unveiled its charges, which match the scale of proposed U.S. tariffs announced earlier this week and ratchets up tension in a brewing trade war between the world’s two largest economies. With products ranging from gas turbines to steel and aluminum affected, the spat threatens to raise costs, slow economic growth and hit oil demand. Click Read More below for additional information.