The weekly benchmark diesel price used for most fuel surcharges recorded its third straight decrease after weeks of higher numbers, but the recent direction of futures prices suggest the pullback may not continue.

The Department of EnergyEnergy Information Administration average weekly retail diesel price fell 5.2 cents/gallon to $5.351/g, published Tuesday and effective Monday. 

That’s a decline of 29.2 cts/g over the last 3 weeks in the benchmark price used to set most fuel surcharges. But futures prices have turned higher, the AAA price was up today for the first time in more than 2 weeks, and there’s little bearish news out of the Strait of Hormuz. The price released Tuesday could be a bottom for this cycle. 

The price has declined 29.2 cts/g over the last three weeks, which means it is that much under the highest price in the cycle since the start of the war in Iran and the broader Middle East. The price published by the DOE/EIA right before the recent downturn was $5.643/g on April 6. 

The record high in the DOE/EIA series, which goes back to 1994, is $5.81, set in June 2022. 

The settlement price of ultra low sulfur diesel (ULSD) on the CME commodity exchange reached its highest level since the war began on March 27, when it settled at $4.4955/g. It settled slightly below that on April 7, at $4.4744/g. 

ULSD plummeted a day later, more than 66 cts/g, on announcement of a ceasefire, settling at $3.8084/g. Prices have made a steady move higher since then, despite a market that has been up and down on any given day’s news on the possible reopening of the Strait of Hormuz. 

ULSD crossed the $4/g mark in trading Monday before settling just under that. It exceeded the $4 mark again Tuesday before a slight decline by 11 a.m. Tuesday.

What comes next

There has been enough stability in current markets that extreme talk of an eventual $200/b price for Brent crude, the world’s benchmark, has mostly faded.

But what hasn’t faded are growing concerns that oil prices may be sticking at higher levels for awhile, regardless of whatever developments occur with the reopening of the Strait of Hormuz.

The energy research team at Bank of America summed up that view in a recent report.

The team led by Francisco Blanch said in the report that the oil market “is facing a sobering reality.”

The “quick resolution scenario—with the assumption that full oil flows would be restored in Hormuz in short order—seems now highly unlikely,” the report said.

The report noted that the physical oil markets remain tight. However, dated Brent, which is a physical crude barrel for short-term delivery in contrast to Brent traded on futures market for June delivery, is now only about $5-$6/b more than Brent on commodity exchanges. That gap was about $10/b until recently.

“The physical oil market continues to tighten as a large share of global seaborne volumes remains trapped in the Middle East and global oil markets remain in steep backwardation,” BOA said. 

Market structure tells a story

Backwardation is a market structure where the highest price in the market is oil for immediate delivery, with prices then declining as the forward curve goes out into the future. Backwardation is a structure that develops when a commodity market is tight, as the current one is.

Its opposite is called contango, and a market in perfect balance is in contango, with prices along the calendar rising gradually to reflect the cost of storage and the time value of money.

The BOA report said it has a base case of an end to military action, with oil flows “mostly normalizing” by the third quarter. Under that scenario, Brent would average $92.50 for the year. (Brent on the CME settled Monday at $108.23/b).

But that is the best case. What BOA called a “fragile ceasefire” would involve a more negative situation for oil consumers. 

“Under this case, military activity would be constrained but not eliminated, and Hormuz would remain heavily securitized, with limited crossings and thus rising oil prices,” the report said. “A strait that is neither fully open nor totally closed in 2Q/3Q may push Brent to average $120/bbl this year.”

More articles by John Kingston

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Amazon Connect Decisions combines more than 25 specialized tools to centralize data, triage alerts and translate demand forecasts. 

TruckSmarter is taking the freight industry into the future with the launch of Dispatch, combining AI capabilities into the industry’s first chat-based interface built specifically for freight. Now, truck drivers can eliminate hours scrolling through traditional load boards. Instead, drivers can ask anything to find loads, deploy agents to execute actions, such as a bidding and booking, and even schedule workflows so they never miss an opportunity.

“Freight markets work better when all participants have access to the same quality of information. Bringing SONAR’s TRAC Spot Rate data into TruckSmarter’s Dispatch platform is a step toward a more transparent, efficient spot market, and that’s good for carriers, brokers, and shippers alike”, Craig Fuller, CEO, FreightWaves SONAR.

By integrating SONAR, Dispatch now empowers truck drivers to better understand current market conditions. SONAR’s TRAC data provides critical market intelligence and rate assessment tools that allow users to compare spot market rates in real-time. While analysts at freight brokerages and shippers have primarily used this intelligence, it is now seamlessly accessible to the 500K+ carriers on TruckSmarter’s platform.

“TruckSmarter was built to give independent truck drivers the tools typically reserved for the largest of enterprises. With SONAR, we’re bringing best in class market data into the interface of the future. Carriers will now have SONARs data woven into every load opportunity, route plan and more–all in a single prompt”, Dan Kao, CEO, TruckSmarter. 

Through this partnership, TruckSmarter weaves SONAR’s data into conversations that help carriers evaluate loads, plan routes, and grow their business. This integration ensures that drivers have all the actionable data they need to navigate the market and negotiate effectively right at their fingertips.

About TruckSmarter:

TruckSmarter is a leading trucking software company offering a range of services tailored to the needs of owner operators and small carriers. Our free loadboard helps find the best loads, while our fuel discount program saves costs at hundreds of truck stops. We provide factoring services at a flat fee of 2% and offer banking solutions designed specifically for truck drivers.

About SONAR:

SONAR is the leading provider of real time, multi-modal, global supply chain data. Pairing market insights with context to inform supply chain professionals on market trends, relevant research and advanced analytics.

The post TruckSmarter Partners with SONAR To Deliver TRAC Spot Rates For Motor Carriers appeared first on FreightWaves.

STG Logistics announced Monday that it has reached a deal with lenders and plans to soon exit bankruptcy protection.

The intermodal marketing company said the recapitalization plan gives Fortress Investment Group and Invesco, among others, majority ownership in exchange for a $1-billion debt reduction (over 90% of outstanding debt) and up to $150 million in fresh capital.

The deal also settles litigation from the company’s minority lenders, who claimed their rights were impaired in a previous deal between STG and primary lenders.

STG said it has completed a “court-supervised marketing process” and is nearing a “fully consensual” exit from bankruptcy, awaiting final confirmation of the recapitalization plan.

The company entered a pre-packaged Chapter 11 agreement in January.

“The transaction we are moving forward with is the optimal solution to secure a strong future for STG and reflects investor confidence in our strategy and long-term prospects,” said STG CEO Geoff Anderman in a news release. “With the support of all our key stakeholders, we are moving forward swiftly with a consensual confirmation process and will emerge as a strong, well-capitalized company, well-positioned to serve our customers, partners, and employees well into the future.”

More FreightWaves articles by Todd Maiden:

• Losses narrow at Heartland Express as market shifts
• Knight-Swift says shippers already seeking peak-season capacity
• Knight-Swift aims for double-digit rate hike in tight market

The post STG Logistics announces deal with lenders, nears bankruptcy exit appeared first on FreightWaves.

The retailer expects to open the facility in 2028 and says the addition will help speed up operations.

The furniture retailer’s captive freight relationship with J.B. Hunt Transport Services has subjected it to weekly surcharges as diesel prices fluctuate due to the Iran war.

Borderlands Mexico is a weekly rundown of developments in the world of United States-Mexico cross-border trucking and trade. This week: Texas cargo theft falls, but organized crime grows; DP World taps Terry Donohoe to lead Mexico operations; and BNSF boosting capacity, efficiency at Winslow rail hub in Arizona.

Texas cargo theft falls, but organized crime grows

Cargo theft activity across Texas declined sharply in the first quarter, but the broader picture shows a freight market increasingly shaped by organized criminal networks targeting higher-value loads.

Verisk’s CargoNet recorded 80 theft incidents in Texas in Q1 2026, down 22% from 102 a year earlier, signaling a pullback in opportunistic theft along key logistics corridors such as Dallas-Fort Worth and Houston, according to a report released on Friday.

That drop, however, doesn’t mean risk is easing for carriers and brokers.

Across the U.S. and Canada, CargoNet logged 767 supply chain crime events in Q1, with estimated losses totaling $131.6 million, roughly flat year over year despite fewer incidents.

Verisk CargoNet is a comprehensive cargo theft prevention and recovery network based in Jersey City, New Jersey.

Texas losing ground as theft shifts to organized networks

Texas has long been one of the country’s most active cargo theft markets, driven by dense freight flows and major distribution hubs. But CargoNet’s latest data suggests a shift away from traditional hot spots.

“The types of opportunistic theft historically common in the Dallas–Fort Worth and Houston logistics corridors appear to be giving way to more targeted operations elsewhere,” the report noted.

Instead, activity is concentrating in regions tied to organized crime networks:

• California remained the top state, rising to 277 incidents
• New Jersey surged 119% year over year
• Together with Texas, the top three states accounted for 54.3% of all thefts in Q1 (per infographic)

The trend reflects a broader structural shift: fewer random thefts and more coordinated, high-value targeting.

Even as total incidents fell 5.3% year over year, losses held steady — underscoring how thieves are becoming more selective.

It mirrors a longer-term pattern. In 2025, CargoNet reported losses surged 60% to nearly $725 million, even as incident counts remained relatively flat, driven by organized groups targeting higher-value freight.

In Q1 2026, that strategy continued:

• Confirmed theft cases increased (596 out of 767 events)
• Criminals focused on high-demand, easily resold goods
• Bulkier, harder-to-move freight (like building materials) declined

CargoNet data shows thieves continuing to prioritize commodities that are easy to offload quickly:

• Food and beverage remained the top stolen category
• Household goods ranked second
• Personal care products saw the fastest growth (+178% year over year)

The appeal is simple: these goods lack serial tracking and have strong resale demand — a dynamic also highlighted in recent theft cases involving seafood and perishable shipments across the U.S.

Perhaps the most important takeaway for carriers and brokers: how theft is happening is changing as much as where.

CargoNet flagged impersonation-based fraud as the dominant tactic in Q1, with organized groups:

• Hacking carrier or broker systems via phishing
• Stealing credentials to pose as legitimate operators
• Purchasing dormant or active motor carrier authorities

Once inside the system, criminals can accept loads, redirect shipments and disappear — often without triggering traditional fraud checks.

“We’re watching transnational organized crime groups become the dominant force,” CargoNet’s Keith Lewis said in a statement, noting their preference for goods that “move easily through online resale channels.”

DP World taps Terry Donohoe to lead Mexico operations

DP World has appointed logistics veteran Terry Donohoe as CEO of its Mexico operations, signaling continued investment in cross-border supply chains tied to U.S.-Mexico trade flows.

Based in Mexico City, Donohoe will oversee DP World’s growing logistics network in the country, which includes five freight forwarding offices and four warehouses across hubs in Monterrey, Guadalajara, Querétaro and Ciudad Juárez, supported by nearly 800 employees.

Ports and logistics operator DP launched operations in Mexico in 2021 and has since built out end-to-end services spanning freight forwarding, warehousing and cross-border logistics.

Donohoe brings more than three decades of experience in global logistics. He most recently served as senior vice president of freight forwarding for the Americas, where he helped scale DP World’s regional network to about 40 offices across multiple countries.

BNSF boosting capacity, efficiency at Winslow rail hub in Arizona

BNSF Railway is expanding rail capacity and improving operational efficiency at its Winslow, Arizona, yard, according to a news release.

The project is part of its 2026 capital program, targeting faster train processing and reduced congestion along a key transcontinental corridor.

Located on BNSF’s Southern Transcon route linking California with Chicago, the Winslow facility handles about 65 trains per day and serves as a major crew-change point.

The project includes extending an existing track by 1,100 feet, constructing a new 6,700-foot lead track, and adding 13 new turnouts, including advanced NX (Entrance/Exit) switches that can be remotely operated to improve safety and efficiency.

BNSF said the upgrades will enhance switching capabilities, increase yard fluidity and allow more trains to be processed while freeing up capacity on the mainline. Construction is currently underway, with the expansion slated for completion by the end of June.

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