The US economy is growing and so is the population, both of which are leading freight companies of all types to see increased growth in the number and weight of goods shipped around the country. Truck load (TL) freight volumes increased 2.8% in 2017 over 2016 which is far higher in comparison to 2016 versus 2015. Fourth quarter of 2017 for TL alone was at 7% growth year over year.
The oil market finished mixed yesterday on the heels of the latest Energy Information Administration’s (EIA) inventory report. As a headline from Reuters stated, “U.S. oil inventories up unexpectedly.” Details of the report were as follows:
The eyes of the world are once again gazing unto the “twitter-verse” as world leaders turn to the online news and social networking platform to discuss the Iran nuclear deal and OPEC.
We suggested higher gasoline prices were coming along with spring…
The trucking and logistics industries are facing a tightening of capacity as demand for freight continues to increase. With the economy cruising along nicely and the newly implemented electronic log laws, trucking companies are finding themselves shorthanded and having to hire drivers at the highest rate since 2012.
WTI crude oil prices have risen more than $2.5 per barrel in the past 48 hours on a duo of bullish news.
Last week President Donald Trump made statements regarding the implementation of tariffs on steel and aluminum imports that have stoked fear across the global economy. President Trump proposed a 25 percent tariff on steel and a 10 percent tariff on aluminum. @realDonaldTrump tweeted, “When a country (USA) is losing many billions of dollars on trade with virtually every country it does business with, trade wars are good, and easy to win.”
Oil markets finished lower yesterday as testimony from the new Chair of the Federal Reserve Jerome Powell pushed the U.S. dollar index higher in late day trading. Coupled with new data from the International Energy Agency released yesterday regarding U.S. production, all three indices closed solidly in the red. WTI crude closed down $0.90/bbl to close at $63.01/bbl while RBOB and HO also closed lower by $0.0233/gal and $0.0229/gal finishing at $1.8034/gal and $1.9630/gal respectively.