Comments on the Weekly Intermodal Rate Charts:
Domestic intermodal spot rates are:
After holding steady last week, intermodal spot rates took another leg up this week top its highest level in three years. The primary driver of the increase can be traced to outbound California lanes, which tracks closely to truckload spot rates from DAT Solutions. In their article entitled "Retail Shipments Keep Truckload Capacity Tight", DAT reported the load-to-truck ratio hit 17.6 loads per truck last Friday in the LA market.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $2.819 per gallon this week, which is a $0.022 increase from the prior week. The price per gallon is up $0.340 or 13.7% higher from the same period last year.
Oil remains above $50 a barrel with WTI and Brent trading today at $54.30 and $60.40, respectively.
There continues to be no shortage of opinions on the direction of oil prices, but until oil demand outpaces the ability of oil producers to flood the market, expect oil to be a battle ground topic that will move based on the headlines with a backdrop of constant downward pressure. The driver of this week is OPEC's headline of holding to production, hence the increase over last week.
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: