Truck News

Used Class 8 truck sales in June further strengthened in response to freight conditions and inventory constraints, according to ACT Research data.

Brent crude fell 0.3% to $79.15 per barrel on Aug. 5. On Aug. 4, it sank 5.3% as hopes rose for progress toward a full reopening of the Strait of Hormuz. 

The global scramble for diesel is increasingly draining U.S. supplies. Exports of distillate fuel rose to 1.9 million barrels a day last week, according to data released by the EIA.

While fighting between the sides has paused for now, a number of other issues remain unresolved — not least Iran’s nuclear program.

Lucid is targeting $1.4 billion in cash savings this year in a broad push to reset its operations, an effort by new CEO Silvio Napoli to shore up the money-losing EV maker.

Energy Secretary Chris Wright said, “These temporary suspensions of the Jones Act have been quite helpful for moving energy around our country.” 

Replacement demand funded by the freight market rebound will continue to drive North American heavy-duty truck demand, engine maker Cummins’ top executive said.

Eight of the world’s largest shipping industry associations wrote, “Once such a precedent is established, it becomes increasingly difficult to resist similar measures elsewhere."

Uber Technologies issued a bookings outlook that just met analyst estimates and said fierce competition in the key Brazil market weighed on trips volume.

Closure of the strait, through which a fifth of the world’s oil and natural gas once passed, has driven up the price of fuel and basic goods far beyond the region, roiling the global economy.