National Average Price for Regular Unleaded Current: $3.268; Month Ago: $3.099; Year Ago: $3.567. National Average Price for Diesel Current: $3.642; Month Ago: $3.656; Year Ago: $4.035.

Trucking activity in the United States contracted 2% in May after decreasing 0.9% in April, according to the American Trucking Associations’ advanced seasonally adjusted For-Hire Truck Tonnage Index. “After a total gain of 4.7% during the first three months of the year, tonnage fell a total of 2.9% during the last two months,” said ATA Chief Economist Bob Costello. “Despite the recent decreases, the index increased from year earlier levels for the sixth straight month.

Futures were 0.4 percent lower in New York after falling 4.2 percent the previous three sessions. U.S. production had its biggest weekly gain since the end of June, climbing to the highest level since July 2015, according to Energy Information Administration data Wednesday. The increase offset the price impact of an 8.95-million-barrel decline in crude stockpiles, the biggest drop since September. U.S. crude output rose by 79,000 barrels a day last week to 9.5 million a day, the EIA reported. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI and the biggest U.S. oil-storage hub, expanded a second week to 57 million barrels. Gasoline inventories climbed by 22,000 barrels to 231 million. Click Read More below for additional detail.