More diesel fuel could be on the way to a beleaguered U.S. trucking sector. The Biden administration is considering a release of 1 million barrels of diesel from federal reserves to address skyrocketing prices and the threat of supply outages on the East Coast. The WSJ’s Timothy Puko reports that officials have drafted an emergency declaration as prices have soared to record highs in recent weeks. The release would come from the Northeast Home Heating Oil Reserve. Supplies are particularly tight along the U.S. East Coast where inventories have dropped to their lowest level since at least 1990. Diesel price increases in the U.S. have been outpacing growth in crude and gasoline prices, and have particularly strained smaller trucking companies. U.S. average retail prices for diesel rose more than 37% in just 10 weeks, hitting a record of $5.62 a gallon in the week ended May 9.

• A Truckstop.com survey found a growing share of small trucking companies are considering leaving the business because of high fuel costs. (Fleet Owner)

The seemingly relentless growth in the logistics property sector may be hitting a caution signal. Amazon is attempting to shed some warehouse space in its sprawling distribution operations, the WSJ’s Sebastian Herrera reports, as the company adjusts its operations following a slowdown in e-commerce business. The online retail giant is seeking to sublease at least 10 million square feet of warehouse space and is also exploring ending or resetting leases with outside warehouse owners. The move follows a quarterly loss for the company, which in April reported that declining demand that is now straining its warehouse operations after roughly two years of outsize growth. The 10 million square feet represents only about 2% of its overall space, including data centers. But the move marks a sharp turn from the rapid expansion that has transformed the U.S. logistics map and helped fuel rapid construction and rising rental rates.

The U.S. has a new Indo-Pacific economic accord that aims to counter China’s influence but remains light on trade objectives. The Indo-Pacific Economic Framework targets cooperation on global issues such as supply chains, clean energy and digital rules. The WSJ’s Andrew Restuccia, Ken Thomas and Yuka Hayashi write that the pact, which includes Japan, South Korea, India and Vietnam, marks the Biden administration’s most ambitious attempt to build economic ties with Asian nations after then-President Donald Trump pulled out of the Trans-Pacific Partnership. Unlike the TPP, which went into effect without U.S. participation, the new group doesn’t include plans to negotiate lower tariffs or broad steps to clear away barriers to market access. U.S. officials said the framework is a new approach that moves beyond traditional trade deals. Still, it will be a challenge for the group to coexist with the TPP, which includes Japan and several Southeast Asian nations.

Overstuffed retail inventories could turn into a bonanza for off-price merchants. Discounters like T.J. Maxx owner TJX had to buy an unusually large share of their merchandise from vendors and factories last year because inventory at stores remained tight and fewer goods were sold off for bargain bins. The WSJ’s Jinjoo Lee writes that direct buying pressed the discounters’ margins, and that high ocean-shipping prices for the goods added to the cost pressures. But big retailers now are reporting they’re overstocked, and TJX CEO Ernie Herrman says inventory availability for discounters is “extremely loaded across the board.” Michael Binetti of Credit Suisse says some are getting so many calls with closeout inventory that they are holding out for better prices. For traditional retailers, the shifting market is a result of the difficulty in forecasting at a time when merchants need to order early to get in front of supply-chain bottlenecks.

Here are recent developments following Russia’s invasion of Ukraine:

Russian forces in Ukraine have repeatedly failed to complete river crossings, hampering Moscow’s invasion strategy. (WSJ)

Starbucks is closing its business in Russia after 15 years in the country. (WSJ)

Marriott is having regular discussions over the viability of operating in Russia. (WSJ)

Denmark pledged to provide Ukraine with a Harpoon defense missile system for defenders in the port city of Odessa. (Maritime Executive)

For the latest updates from Russia and Ukraine, click here

A new study shows China spends much more in helping favored industries with state-directed funds and other government incentives than other major economies. (WSJ)

The U.S. government tasked FedEx Express with moving an emergency shipment of infant formula from Germany to a distribution center in Pennsylvania. (CNBC)

Supply-chain managers quit their jobs in record numbers amid what they said were high stresses and low pay. (Bloomberg)

Walmart was the largest U.S. ocean container importer last year by volume and Koch Industries was the largest exporter. (Journal of Commerce)

European importers are spreading their sourcing efforts among multiple locations and ordering smaller shipments in response to supply-chain disruption in China. (The Loadstar)

The U.K. government is launching an approximately $50 million program to back development of self-driving delivery vehicles. (Motor Transport)

First-quarter revenue at Chinese smart-vehicle startup XPeng jumped to $1.2 billion but its net loss more than doubled. (South China Morning Post)

China relaxed its quarantine restrictions for Chinese seafarers returning from overseas assignments. (Seatrade Maritime)

Hafnia says surging shipping rates are helping the tanker operator to its best quarter ever. (ShippingWatch)

Walmart aims to automate all its regional distribution centers under an expanded agreement with automation specialist Symbotic. (Supermarket News)

Pre-tax profit for U.K. logistics provider Wincanton rose 18.6% to about $68.4 million in the year ending March 31 on a 16.3% gain in revenue. (MarketWatch)

Vietnam Airlines is on the brink of delisting after reporting its ninth straight quarterly loss. (Nikkei Asia)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.