Market Updates: July 2nd, 2024

Domestic Market Updates –

Diesel update: For a third consecutive week, the average price of diesel increased; up 4.4 cents to $3.813 per gallon, the U.S. EIA reports.

Holiday Impact: It’s the week of the Fourth of July! Expect an increase in demand in the days leading to July 4 (Fourth of July holiday) as shippers push to get orders out before they and/or their transportation providers temporarily close or limit operations. Truckload rates around the holiday are typically at premium levels.

Intermodal: Over the weekend, TCRC union voted to reauthorize strike action and indicated they would initiate strike action at the earliest chance. Re-authorizing of strike action typically does not happen, but due to the CIRB request (on if rail services are deemed as essential), the strike action was put on pause. It’s unknown when the CIRB process will conclude, but some reports say disruption could take place in mid-July. This remains a fluid situation and we’ll continue to post weekly updates when applicable.

Cross-Border (Mexico): The U.S. has slowly resumed avocado inspections in Mexico after shipments and inspections were temporarily halted due to protests back on June 14th.  

Infrastructure: U.S. West Coast ports Los Angeles and Long Beach are investing millions in charging infrastructure for EVs. Trucking interests have been asking for more investments into charging infrastructure in order to comply with rigorous zero-emission regulations in the future.

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