Weekly discussion and analysis on the trends in the intermodal and truckload spot market.
Domestic intermodal spot rates are:
Intermodal spot rates took a much needed breather this week with the index dropping 2.4% against the backdrop of 75.7% of the lanes tracked increasing.
With an average decrease of 13%, SoCal outbound rates were the biggest contributor to driving the index down.
NorCal and Portland outbound average a 9.0% increase.
DAT reported a 0.2% increase per mile this week with the current national dry van spot rate of $2.15 a mile. The dry van average spot rate is 29% higher than last year.
Diesel fuel continues to put upward pressure on truckload 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 $3.277 per gallon this week, which is a $0.038 increase from the prior week and the nineth consecutive week diesel prices have increased.
The price per gallon is up $0.73 or 29.1% higher from the same period last year.
Oil prices continue to remain elevated with WTI and Brent closing today at $70.72 and $78.79, respectively. Political instability remains in the headlines, but production and demand are certainly contributing factors in the upward pressure on oil prices. Much is being said on production limits within the industry that are the result of limited investment made during the downturn in oil prices over the past couple years.
The EIA for diesel and oil prices increased its projection of the diesel fuel average for the year to be $3.12 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: