Freight Markets Show Stability in Some Areas as New Pressures Emerge

Several important themes shaped freight markets this week, with activity across energy, consumer demand, trucking, and rail offering a picture of a market balancing resilience with emerging pressures.

Energy Markets Remain a Major Story

Fuel markets continued to command attention as crude oil moved back toward the mid-$90 per barrel range amid ongoing geopolitical uncertainty. Diesel prices posted a sizable weekly decline, though they remain elevated compared with levels seen earlier this year.

Key developments included:

• Crude prices rebounded as tensions persisted
• Diesel prices fell more than 20 cents week over week
• Fuel volatility remained a central market theme

Consumer Demand and Inventories Offer Mixed Signals

March retail activity showed solid headline growth, although much of that increase was influenced by gasoline prices. Excluding fuel, consumer spending expanded at a more moderate pace.

At the same time, inventories across manufacturing and wholesale continued to tighten.

Notable developments included:

• Retail sales excluding gasoline showed modest growth
• Inventories-to-sales ratios remained historically lean
• Manufacturing inventories continued to trend lower
• Electronics and data center-related demand remained supportive

Trucking Signals Continue to Evolve

Truck freight indicators reflected a market seeing some stabilization alongside continued pockets of strength.

This week’s developments included:

• Broker-posted spot rates rose for a 13th consecutive week
• Dry van pricing appeared to level off
• Flatbed rates extended their upward run
• Refrigerated pricing softened modestly
• New English language proficiency enforcement guidance introduced another variable to monitor

Rail and Intermodal Maintain Momentum

Rail and intermodal data continued to show encouraging volume trends, with broad-based gains across several sectors.

Highlights included:

• Total North American rail traffic rose year over year
• Carload growth remained broad-based across commodities
• Intermodal posted its strongest growth in six weeks
• Agriculture, petroleum products, and automotive were among the stronger-performing sectors

Multiple Forces Continue to Shape the Market

Taken together, recent developments reflected several crosscurrents moving through freight markets simultaneously:

• Energy costs remain unsettled
• Consumer demand is showing selective strength
• Inventories continue operating lean
• Trucking conditions are shifting
• Rail and intermodal volumes remain constructive

Rather than one dominant storyline, the market continues to be influenced by several interconnected forces.