OPEC cut sent oil and diesel soaring
OPEC output plunged in March and Brent crude rallied more than 40% for the month, pushing diesel prices sharply higher and squeezing freight margins across trucking and intermodal lanes — inflationary pressure carriers are already passing to shippers. The surge is reshaping procurement math for transportation buyers and driving urgent conversations about fuel surcharges and modal shifts. ( )
OPEC’s 12-member output fell roughly 7.3 million barrels per day in March to about 21.57 million bpd — the lowest since June 2020, according to a Reuters survey of flows cited by trade outlets. (zawya.com) Brent futures posted an unprecedented monthly surge in March, jumping roughly in the 50–60% range depending on contract and expiry and trading near $119 a barrel for front-month contracts at the month’s peak. (bloomberg.com) U.S. on-highway diesel topped about $5.37–$5.38 per gallon in late March, up from roughly $3.89 at the start of the month and representing a roughly 34% rise in weeks, according to government and industry price trackers. (tradingeconomics.com) Carriers and logistics providers have already adjusted surcharge schedules: TGAL raised a domestic trucking fuel surcharge from 8% to 12% effective March 16, Transcar implemented an 8% surcharge starting March 10, and some LTL/TL tables show surcharge multipliers running into the tens of percentage points as national diesel averages hit $5.37. (tgal.us) High diesel tore through carrier margins and lifted spot tariffs: Truckstop/FTR data showed the week ended March 27 produced the largest non-holiday weekly jump in spot rates on record, and freight brokers reported contract “all-in” bills climbing as fuel-linked surcharges reset to the new national average. (spot.ftrintel.com) Rail and intermodal providers warned of potential volume gains — Norfolk Southern flagged plans for a fuel surcharge and said elevated energy risk could push freight to rails — but J.B. Hunt told investors shippers have not meaningfully shifted modes yet, leaving intermodal capacity/price dynamics uneven. (simplywall.st) Ocean and parcel carriers implemented emergency bunker and surge fees — ONE, Maersk, CMA CGM, Hapag‑Lloyd and MSC issued EFS/extra bunker notices while parcel networks emphasized surcharges over base-rate hikes — forcing procurement teams to re-run landed-cost models and reprice transportation in near real time. (blogs.tradlinx.com)
