What do you get when trucking prices jump? You get an increase in heavy duty truck orders – and that is what we’re seeing. Here’s why that means we remain commodity bulls, writes Peter Boockvar, editor of The Boock Report.
Last week, DAT Freight & Analytics said: “The national average van truckload spot rate exceeded the contract rate in June for the first time since February 2022, and overall rate growth far exceeded volume growth last month. Spot linehaul rates increased at least 39% year-over-year across all three equipment types.”
(Editor’s Note: Peter is speaking at the 2026 MoneyShow/TradersEXPO Orlando, scheduled for Oct. 5-7. Click HERE to register.)
In response: “Preliminary North American net orders for Class 8 heavy duty trucks surged in June, driven by soaring freight rates and a rapidly recovering trucking market.”
I’ve been arguing that we’re going to see a buildup in strategic reserves of a variety of different commodities in the years to come. I also mentioned the Department of Defense buying of lithium – and Germany’s intended stockpiling of natural gas.
Last week, Reuters reported that “Governments are set to buy millions of barrels of oil through 2028 to rebuild emergency reserves depleted by drawdowns to plug a gap in global supply caused by the US-Israeli war on Iran.”
After the reserve drains seen over the past few months, “Replenishing those reserves could add up to 664,000 barrels per day of demand by third quarter 2027, according to commodities analytics firm Kpler.”
I remain a commodities bull.
