Intermodal Spot Rates Jump 8.3% - May 8 2018
Domestic intermodal spot rates are:
- Up 8.3% from prior week.
- Up 20.2% from 90 days ago.
- Up 47.8% from prior year.
The increase in the intermodal spot rate index can be traced back to outbound Atlanta, Jersey, Los Angeles, Oakland and Seattle. These lanes had an average increase of 17%.
On the truckload side of 53' capacity, DAT reported a $0.02 or 0.9% increase per mile this week with the current national dry van spot rate of $2.18 a mile. The dry van national average spot rate is 29% higher than last year. Both truckload and 53' domestic intermodal rates were showing similar year-over-year percentage increases through mid-February. The expectation is both will be back to similar trajectories in late July.
Diesel fuel continues to put upward pressure on intermodal rates, but so does available COFC capacity. The latest AAR figures indicate TOFC is up 20.9% over prior year.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.171 per gallon this week, which is a $0.014 increase from the prior week and the seventh consecutive week diesel prices have increased.
The price per gallon is up $0.606 or 23.6% higher from the same period last year.
Oil prices are are taking a big step up on price this week with the administration exiting the Iran deal. WTI and Brent closed at $71.21 and $77.33, respectively. Political instability remains in the headlines, but production and demand are certainly contributing factors in the upward pressure on oil prices.
The most recent projection by the EIA for diesel and oil prices reported prices will average $2.90 in calendar year 2018. The expectation is supply will outpace demand, particularly in the back half of 2018. Next EIA forecast is due out next week.
The full spreadsheet of the historical weekly price moves of diesel full can be found at https://www.eia.gov/petroleum/gasdiesel/.
Graphs listed below include:
- 53' Domestic Intermodal Price Index & Diesel Fuel Prices
- Rolling 52 Year-over-Year Comparison - 53' Domestic Intermodal and Diesel Fuel Prices
- Rolling 52 Year-over-Year % Change - 53' Domestic Intermodal and Diesel Fuel Prices
- 53' Domestic Intermodal and Diesel Prices Quarter-Over-Quarter Comparison
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