Comments on the Weekly Intermodal Rate Charts:
Domestic intermodal spot rates are:
Another week passes with both domestic intermodal and truckload holding strong to their three year spot rate highs.
Unlike other weeks where there are numerous rate changes in the 100+ intermodal lanes InTek tracks, there were only ten that had a rate change this week. In other words, there is no lack of freight volumes running in the key US intermodal lanes and we expect this story to remain through the remainder of the year.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $2.910 per gallon this week, which is a $0.012 decrease from the prior week. The price per gallon is up $0.417 or 16.7% higher from the same period last year.
Oil remains above $50, with WTI and Brent trading at $57.45 and $63.85, respectively. While OPEC extended its production cuts through to the end of 2018, there is still the overhang of US production being able to fill the void and there is still a lot of doubt on the direction of demand.
The most recent projection by the EIA for diesel and oil prices were published on November 7. In the report, diesel is projected to average $2.83 in calendar year 2018.
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: