The intermodal spot rate index made one of its biggest moves down this week with 81.7% of the lanes tracked experiencing a decrease over the prior week.
The average rate decrease was 4.2%, excluding Chicago.
Major Chicago outbound lanes weighed heavy on the index, with an average decrease of 20%. Chicago outbound rates have been outpacing the other lanes in the index for several weeks, so this was a welcome and expected relief that is the result of the volume / congestion issues working themselves out of the area.
The EIA reported average diesel fuel price of $3.104 per gallon this week, which is a $0.061 increase from the prior week and the fourth consecutive week the diesel price has increase.
The price per gallon is up $0.507 or 19.5% higher from the same period last year.
Oil prices are trending down for WTI and Brent trading in the range of $66.50 and $71.50, respectively. Political instability continues to have the market on edge with the possibility of production issues in the region.
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.