{"id":22214,"date":"2023-06-01T23:15:00","date_gmt":"2023-06-01T23:15:00","guid":{"rendered":"https:\/\/www.odysseylogistics.com\/?post_type=blog&#038;p=22214"},"modified":"2024-01-08T21:25:47","modified_gmt":"2024-01-08T21:25:47","slug":"north-american-market-update-june-2023","status":"publish","type":"blog","link":"https:\/\/www.odysseylogistics.com\/blog\/north-american-market-update-june-2023\/","title":{"rendered":"North American market update: June 2023"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"22214\" class=\"elementor elementor-22214\" data-elementor-post-type=\"blog\">\n\t\t\t\t<div class=\"elementor-element elementor-element-8d9bddf e-flex e-con-boxed e-con e-parent\" data-id=\"8d9bddf\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-6f840be elementor-widget elementor-widget-heading\" data-id=\"6f840be\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h3 class=\"elementor-heading-title elementor-size-default\">Transportation Update<\/h3>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7668eb3 elementor-widget elementor-widget-text-editor\" data-id=\"7668eb3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Fuel<\/strong><\/p><p>Diesel national average now stands at $3.883\/gal. as of 5\/23.<\/p><ul><li>For the 16th time in 17 weeks, the benchmark price used for most diesel fuel surcharges declined.<\/li><li>Price is down 73.9 cents from the $4.622\/gallon price it stood at before beginning the recent run of declines.<\/li><li>Price stands at its lowest level since Jan. 31, 2022, when it was $3.846 a gallon.<\/li><li>The price is $1.688 less than a year ago.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-64b0462 elementor-widget elementor-widget-image\" data-id=\"64b0462\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1652\" height=\"992\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png.webp\" class=\"attachment-full size-full wp-image-22217\" alt=\"chart titled Diesel National Average (charts shows decline from February 2023 through May 2023)\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png.webp 1652w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png-300x180.webp 300w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png-1024x615.webp 1024w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png-768x461.webp 768w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/fUEL-053023.png-1536x922.webp 1536w\" sizes=\"(max-width: 1652px) 100vw, 1652px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-aa8344b elementor-widget elementor-widget-text-editor\" data-id=\"aa8344b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The forecast for diesel prices has again been revised down per the EIA on May 9th from their previous forecast on April 11th.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-89a3ee3 elementor-widget elementor-widget-text-editor\" data-id=\"89a3ee3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<table><tbody><tr><td>\u00a0<\/td><td style=\"text-align: center;\"><strong>2023<\/strong><\/td><td style=\"text-align: center;\"><strong>2024<\/strong><\/td><\/tr><tr><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">U.S. Retail Diesel Prices (Dollars per gallon)<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">$3.90<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">$3.62<\/td><\/tr><tr><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">Previous Forecast<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">$4.11<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">$3.87<\/td><\/tr><tr><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">Percentage Change<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">-4.9%<\/td><td class=\"dataTable_content-cell\" align=\"center\" valign=\"top\">-6.4%<\/td><\/tr><\/tbody><\/table>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-6c3db97 elementor-widget elementor-widget-text-editor\" data-id=\"6c3db97\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>In the short term, diesel is starting to see inventory levels tighten which may stall efforts to see a continued downtrend.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-37005ab e-flex e-con-boxed e-con e-parent\" data-id=\"37005ab\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-96a5a6e elementor-widget elementor-widget-text-editor\" data-id=\"96a5a6e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Truckload<\/strong><\/p><p>A slowing economy and high inventories continue to stifle the truckload market.<\/p><ul><li>Tonnage dropped in April by 3.4% YoY<\/li><li>Weakened imports are contributing to lower volumes.<\/li><li class=\"indent-1\">Elevated uncertainty about the economy and consumer confidence are causing businesses to be cautious about placing orders.<\/li><li>Truckload demand is 1 -2% lower than one year ago while supply is 6 -7% higher.<\/li><li class=\"indent-1\">Until the oversupply of capacity is thinned out, rates will not increase.<\/li><li class=\"indent-2\">Smaller carriers have locked in dedicated contracts to survive, which has slowed attrition compared to previous downturns.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fcd5922 elementor-widget elementor-widget-image\" data-id=\"fcd5922\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"534\" height=\"304\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/active-truck-053023.png.webp\" class=\"attachment-full size-full wp-image-22218\" alt=\"chart titled active truck utilization outlook\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/active-truck-053023.png.webp 534w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/active-truck-053023.png-300x171.webp 300w\" sizes=\"(max-width: 534px) 100vw, 534px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7184aba elementor-widget elementor-widget-image\" data-id=\"7184aba\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dat.com\/trendlines\/van\/demand-and-capacity\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"562\" height=\"270\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-load-053023.png.webp\" class=\"attachment-full size-full wp-image-22222\" alt=\"chart titled van load-to-truck ratio\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-load-053023.png.webp 562w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/van-load-053023.png-300x144.webp 300w\" sizes=\"(max-width: 562px) 100vw, 562px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: <a href=\"https:\/\/www.dat.com\/trendlines\/van\/demand-and-capacity\" target=\"_blank\">DAT Freight<\/a><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-dfc846b e-flex e-con-boxed e-con e-parent\" data-id=\"dfc846b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-9dfc3db elementor-widget elementor-widget-text-editor\" data-id=\"9dfc3db\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Truckload Rates<\/strong><\/p><ul><li>Spot rates have fallen in 14 of the last 15 months.<\/li><li>Spot rates have fallen 26% YoY.<\/li><li>Spot rates fell .11\/mi from March to April.<\/li><li>Contracted rates fell .07\/mi from March to April.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c7473df elementor-widget elementor-widget-image\" data-id=\"c7473df\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dat.com\/trendlines\/van\/national-rates\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"300\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-Rates-053023.png.webp\" class=\"attachment-full size-full wp-image-22221\" alt=\"chart titled van rates\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-Rates-053023.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Van-Rates-053023.png-300x144.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: <a href=\"https:\/\/www.dat.com\/trendlines\/van\/national-rates\" target=\"_blank\">DAT Freight<\/a><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cf094ca elementor-widget elementor-widget-image\" data-id=\"cf094ca\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.dat.com\/trendlines\/van\/national-rates\" target=\"_blank\">\n\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"624\" height=\"366\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Money-Map-053023.png.webp\" class=\"attachment-full size-full wp-image-22220\" alt=\"map titled national van rates\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Money-Map-053023.png.webp 624w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Money-Map-053023.png-300x176.webp 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\">Source: <a href=\"https:\/\/www.dat.com\/trendlines\/van\/national-rates\" target=\"_blank\">DAT Freight<\/a><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-f117144 e-flex e-con-boxed e-con e-parent\" data-id=\"f117144\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-b94c202 elementor-widget elementor-widget-text-editor\" data-id=\"b94c202\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>LTL<\/strong><\/p><p><a href=\"https:\/\/www.fedex.com\/en-us\/shipping\/freight.html\" target=\"_blank\" rel=\"noopener\">FedEx Freight<\/a>\u00a0stated that it will be closing 29 freight locations and furloughing certain job classes.<\/p><ul><li>Furloughs will start May 28.<\/li><li>They aim to consolidate operations to adjust to market demand and changing dynamics.<\/li><li>The locations are planned to be closed effective Aug. 13.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-183c65d elementor-widget elementor-widget-text-editor\" data-id=\"183c65d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>ODFL reported a 3.5% decrease in LTL services in Q1.<\/p><ul><li>They also lowered forecasts for the remainder of 2023.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c13cf76 elementor-widget elementor-widget-text-editor\" data-id=\"c13cf76\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>UPS employees are threatening to strike at the end of July.<\/p><ul><li>Both sides are optimistic that an agreement can be reached before July 31<sup>st<\/sup>.<\/li><li>The 24 million packages UPS ships on an average day, amounts to about a quarter of all U.S. parcel volume.<\/li><li>UPS says they deliver the equivalent of about 6% of the nation\u2019s gross domestic product.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-9dc093b e-flex e-con-boxed e-con e-parent\" data-id=\"9dc093b\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-067fc8c elementor-widget elementor-widget-text-editor\" data-id=\"067fc8c\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>LTL Rates<\/strong><\/p><p>The revised LTL rate forecast is for a YoY decrease of 2.4% excluding fuel.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5a704c2 elementor-widget elementor-widget-image\" data-id=\"5a704c2\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"585\" height=\"327\" src=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Rate-Outlook-053023.png.webp\" class=\"attachment-full size-full wp-image-22219\" alt=\"chart titled rate outlook: contract LTL\" srcset=\"https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Rate-Outlook-053023.png.webp 585w, https:\/\/www.odysseylogistics.com\/wp-content\/uploads\/Rate-Outlook-053023.png-300x168.webp 300w\" sizes=\"(max-width: 585px) 100vw, 585px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The forecast for diesel prices has again been revised down per the EIA on May 9th from their previous forecast on April 11th. In the short term, diesel is starting to see inventory levels tighten which may stall efforts to see a continued downtrend.<\/p>\n","protected":false},"author":8,"featured_media":22099,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_links_to":"","_links_to_target":""},"blog_category":[100],"class_list":["post-22214","blog","type-blog","status-publish","has-post-thumbnail","hentry","blog_category-market-update"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>North American market update: June 2023 - Odyssey Logistics<\/title>\n<meta name=\"description\" content=\"Diesel national average now stands at $3.883\/gal. 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