Comments on the Weekly Intermodal Rate Charts:
Domestic intermodal spot rates are:
California outbound traffic is the primary driver of the domestic intermodal spot rates jumping this week. On the plus side, we saw typical pricing pattern out of Chicago this week, which is as California's spot market rates increase Chicago rates drop in response to intermodal container owners trying to get their boxes into California loaded. This pattern has not held true for most of peak season, which is atypical.
Capacity continues to remain constrained in the truckload market also, as the DAT national average remains above $2.00 at $2.03 a mile, only $0.03 lower than post-hurricane peak.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $2.915 per gallon this week, which is a $0.033 increase from the prior week. The price per gallon is up $0.472 or 19.3% higher from the same period last year.
Oil remains above $50, although has dropped roughly $2.00 from the prior week. WTI and Brent trading today at $55.20 and $61.50, respectively.
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. WTI and Brent are expected to average $51.04 and $55.61a barrel in 2018, respectively.
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: