The intermodal spot rate index decreased 5.6% over prior week. Of the 115 lanes tracked in the weighted average index, 58.6% increased, 9.7% decreased and 31.7% went unchanged.
For the week of September 3, 2018, domestic intermodal spot rates were:
Year-over-year North American intermodal volumes are up 5.3% in total, with COFC up 4.5% and TOFC up 15.9%.
The year-over-year percentage variance dropped from 49.0% last week to 36.6% this week. The dramatic decrease was driven by more difficult comparables to overcome. As discussed in earlier blogs, we will continue to see this trend through the remainder of the year.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.252 per gallon this week, which is a $0.026 increase.
The diesel price per gallon is up $0.494 or 17.9% higher from the same period last year.
Oil prices are down roughly $2.00 from last week, with WTI and Brent closing today at $67.87 and $77.04, respectively. The stories driving the increase over the prior week include: the strong dollar, Iranian sanctions, Venezuelan currency crisis, China trade conflict, along with other supply& demand dynamics.
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: