The intermodal spot rate index increased 2.1% over prior week. Of the 115 lanes tracked in the weighted average index, 50.9% increased, 24.6% decreased and 24.5% went unchanged.
For the week of September 10, 2018, domestic intermodal spot rates were:
Year-over-year North American intermodal volumes are up 5.4% in total, with COFC up 4.6% and TOFC up 16.0%.
Shippers should expect to see upward pressure on capacity and spot market pricing because of hurricane Florence.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.258 per gallon this week, which is a $0.006 increase.
The diesel price per gallon is up $0.456 or 16.3% higher from the same period last year.
Oil prices are up roughly $2.50 from last week, with WTI and Brent trading today in the range of $70.30 and $79.65, respectively. The stories that have been driving oil prices include: the strong dollar, Iranian sanctions, Venezuelan currency crisis, China trade conflict, along with other supply& demand dynamics. The new topic added this week is hurricane Florence.
The EIA for diesel and oil prices current projection is diesel will average $3.15 a gallon for 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: