Market Updates: July 30th, 2024

Domestic Market Updates –

Weather: Canadian National railway reopened their main line, early afternoon July 24th, through Jasper, Alberta after wildfires wreak havoc in Alberta, per Freightwaves. Most of Vancouver’s freight volumes are moved via rail, which was impacted due to CN having to temporarily halt some of their traffic. With the reopening of their main line, it will help the railway alleviate the backlog that was created.

Legislation: Implementation of a speed limiter rule is being pushed until May 2025, per the U.S. DOT. The new regulation would mandate the installation of speed limiters on trucks, buses, and other vehicles weighing 26,000 pounds or greater.

Intermodal: The ongoing situation between TCRC union and CN/CPKC has impacted some intermodal loads for CN railway. Per CN data provided to the JOC, intermodal volume has decreased 17% between May 12th to July 14th.

As we’ve mentioned in previous weeks, the CIRB is expected to release their decision on whether a strike/lockout would impact “essential services” to the public, by August 9th.

Diesel Update: This week the average price of diesel ­­decreased 1.1 cents. Making the average diesel price $3.768, per the U.S. EIA. 

Legislation: Starting August 7th, a new law in Colorado will seek to end predatory towing practices. The Colorado Public Utilities Commission (PUC) will have the ability to deny or refuse to renew a towing carrier permit if the tower has a felony or towing-related conviction in the past five years, has not paid a PUC-imposed civil penalty, or if granting the permit would be harmful to the public.

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