Latest Spot Market Data: Fuel Up, Rates Down

Spot Market Rates Fall Despite Higher Diesel Costs

Broker-posted Spot Market rates declined sharply during the week ending July 24, continuing the seasonal slowdown that typically occurs during July. The latest data from Truckstop.com shows rates fell across all three major equipment types even as diesel prices surged by roughly 56 cents over the past two weeks.

Load activity also continued to weaken, suggesting that seasonal demand remains soft despite rates staying significantly above year-ago levels.

Spot Market Rates Drop Across All Equipment Types

The national broker-posted Spot Market rate fell 8.5 cents to $3.38 per mile, marking one of the largest week 29 declines since 2022.

While diesel prices have climbed sharply in recent weeks, the higher fuel costs have not been enough to prevent rates from following their normal seasonal pattern. Historically, July is one of the weakest months for spot freight, although rates for dry van and refrigerated freight often begin stabilizing during the following week.

Even after the latest decline, total broker-posted rates remained 46.6% higher than the same week in 2025. Rates excluding a calculated fuel surcharge—a measure often used to estimate carrier revenue before fuel costs—were 51.6% higher than a year earlier.

Load Activity Continues to Slow

Total Spot Market load volume declined 6.7% during the week after falling nearly 6% the previous week.

Truckstop.com reported 155.6 on its load activity index, while truck postings increased 4.8%. As a result, the Market Demand Index, which measures the ratio of available loads to trucks, fell to one of its lowest levels of the year.

Although freight volumes remained 19% higher than the same week last year, this represented the weakest year-over-year comparison since the beginning of 2026.

The data suggests capacity is continuing to increase while freight demand softens during the seasonal summer slowdown.

Dry Van Rates Continue Weekly Decline

Dry van Spot Market rates fell 6.3 cents to $2.82 per mile after dropping approximately 8 cents during the previous week.

Despite the decline, dry van rates remained 46.6% higher than the same week last year, while fuel-adjusted rates were approximately 53% higher.

Dry van load volumes decreased 7.1%, although they were still nearly 16% above year-ago levels. The Mountain Central region was the only area to post an increase in load activity, while every other region recorded declines.

Spot Market Refrigerated Rates Remain Soft

Refrigerated freight also weakened during the latest reporting period.

Reefer Spot Market rates declined 7.8 cents to $3.29 per mile, following a similar decrease during the previous week.

Compared with the same week in 2025, all-in reefer rates remained about 39% higher, while fuel-adjusted rates were more than 42% higher.

Refrigerated load volumes fell 9.4% from the previous week but remained slightly above year-ago levels. Truckstop.com reported the largest regional declines on the West Coast and in the Southeast.

Flatbed Rates Also Move Lower

Flatbed carriers experienced the largest rate decline among the three primary equipment types. Rates dropped approximately 9 cents to $3.55 per mile after falling just over 3 cents during the previous week.

Even with the latest decrease, flatbed rates remained nearly 50% higher than the same week last year. Fuel-adjusted rates were more than 55% higher on an annual basis.

Flatbed load volumes decreased 6.9%, although they continued to run 22% above year-ago levels. The West Coast was the only region to record a notable increase in load postings during the week.

Fuel Costs Add Pressure for Carriers

The decline in rates comes as diesel prices have increased significantly during July. According to Truckstop.com, diesel prices have climbed roughly 56 cents over the past two weeks.

While broker-posted rates include the impact of fuel costs, most carriers operating in the spot market do not receive separate fuel surcharges. As a result, rising diesel prices can reduce profit margins when freight rates move lower.

Truckstop.com also noted that its fuel-adjusted calculations are based on diesel prices through the week ending July 20, meaning they do not yet reflect the most recent increases in fuel costs.

What It Means for Truck Drivers

The latest Spot Market report reflects the typical seasonal slowdown seen during July, with lower freight volumes and declining rates across dry van, refrigerated, and flatbed freight.

Although current rates remain well above last year’s levels, softer demand combined with rising diesel prices is increasing cost pressure for carriers operating in the spot market.

Historically, Truckstop.com notes that dry van and refrigerated rates often begin to stabilize during the current week, making upcoming market reports important for determining whether seasonal pricing begins to level off heading into August.