Weekly discussion and analysis on the trends in the intermodal and truckload spot market.
Comments on the Weekly Intermodal Rate Charts:
Domestic intermodal spot rates are:
Up 7.0% from last week.
Up 6.3% from 90 days ago.
Up 39.2% from prior year.
Domestic intermodal spot rate index hit record levels this week, as Chicago's ramp issues came to a head.
62.3% of the 120 lanes tracked within the index experienced a decrease, which again speaks to the magnitude Chicago's issues had on the index.
Our expectation is for rates to gradually pull back, as Chicago comes back in alignment, although not for long. While Chicago is showing the most stress at this time, other intermodal markets are capacity constrained; first quarter ending; full ELD mandate; and the spring shipping season is just four weeks away, so rates will continue to remain volatile and elevated.
Add to all of those issues dray capacity shortages and price increases continue to be an issue at many of the ramps.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.007 per gallon this week, which is a $0.020 decrease from the prior week.
The price per gallon is up $0.430 or 16.7% higher from the same period last year.
Oil remains above $60 a barrel with WTI and Brent trading in the range of $61.30 and $64.10, respectively.
The most recent projection by the EIA for diesel and oil prices were published on February 6, 2018. In the report, diesel is projected to average $2.91 in calendar year 2018, which is an increase over the $2.83 projection issued in November 2017.