Comments on the Weekly Intermodal Rate Charts:
Domestic intermodal spot rates are:
- Up 2.9% from last week.
- Up 19.1% from 90 days ago.
- Up 14.8% from prior year.
Capacity constraints are driving the intermodal and truckload spot market. While hurricanes played a big part in tightening capacity, don't forget the underlying economic activity is showing strength at various points. Port volumes were reporting record volumes prior to the storms and just this week it was reported US manufacturing is near 13.5 year high.
The interesting thing to note is the "typical" hot peak market lanes are up single digits from prior year, while the majority of other lanes InTek tracks in its index are up double digits. This is an atypical trend in the market that points to the overall increase of volumes moving in the freight market. At most points throughout the week, spot capacity could not be obtained until several days out.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $2.792 per gallon this week, which is a $0.004 increase from the prior week. The price per gallon is up $0.403 or 16.9% higher from the same period last year.
Oil sold off on Friday and dipped below $50 a barrel for the first time in several weeks. WTI and Brent closed the week at $49.29 and $55.64, respectively. Supply has the long-term prospect of outpacing demand, so expect oil to continue to be a battle ground topic for the foreseeable future.
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
- Price Changes in 53' Domestic Intermodal Pricing & Diesel - 1/1/2013 Baseline
- 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
- Rolling Quarter-over-Quarter Comparison - 53' Domestic Intermodal and Diesel Fuel Prices
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