The InTek intermodal spot rate index increased 1.3% over prior week.
For the week of May 7, 2019, domestic intermodal spot rate index:
Lane Stats: 44.3% increased, 10.4% decreased and 45.3% went unchanged.
The intermodal spot market continues to support the fact volumes remain weak. If it were not for a handful of lanes taking on triple digit increases, the index would have continued its downward march.
Intermodal volume is down 1.1% from prior YTD.
Breaking the volume down by equipment, TOFC is down 7.6% and COFC is down 0.5%.
By region, volume is down 1.6% in the US, up 2.0% in Canada and down 5.6% in Mexico.
Comparison of Truckload to Intermodal Spot Rate
The national truckload spot rate increased 2.0% last week, as reported by the DAT Trendline Report.
Year-over-year truckload national average truckload spot rates per mile are down 16.0%, while domestic intermodal is down 17.5% per mile.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.171 per gallon this week, which is up $0.002 or 0.1% from the prior week.
The diesel price per gallon is exactly even to the same period last year.
WTI and Brent crude price per barrel is down again against prior week, with WTI and Brent closing at $61.25 and $69.61, respectively.
OPEC is doing their best to hold production cut commitments, while US production continues to outpace demand are two competing dynamics on oil price. Additional downward pressure on oil prices is coming from the USA - China trade dispute and it's potential impact on the global economy.
With all that said, the current prediction still has many analysts believing oil prices will continue to rise over 2019, although this may change with various countries cutting their economic growt predictions for the year.
The EIA's April 2019 diesel price average price projection for diesel is $3.018 per gallon for calendar year. This is a $0.10 a gallon increase over last month's projection.
In the same report, EIA's average price per barrel oil projections for 2019 were increased to the following:
The full spreadsheet of the historical weekly price moves of diesel full can be found at https://www.eia.gov/petroleum/gasdiesel/.