Intermdal Spot Rates Decrease - Nov 5 2018
The InTek intermodal spot rate index decreased -0.9% over prior week.
For the week of November 5, 2018, domestic intermodal spot rate index:
- Decreased -0.9% from prior week
- Increased 4.0% from 90 days ago.
- Increased 27.9% from prior year.
Lane Stats: 9.6% increased, 82.5% decreased and 7.9% went unchanged.
No one market drove the decrease, but instead there was essentially an overall reduction across all lanes.
Comparison of Truckload to Intermodal Spot Rate
The national truckload spot rate, as reported by DAT, continued its slide this week. The DAT reported the national truckload spot rate was $2.09 a mile, a decrease of $0.01 from the prior week. According to DAT, the rate would have dropped further if it were not for the strong outbound demand in the West. Truckload spot rates are up 3.5% from prior year. The percentage spread between the year-over-year increase in truckload versus intermodal widened this week to 16.7 percentage points. The gap widened primarily because of the 5.6 percentage point drop in the truckload year-over-year rate-per-mile.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.338 per gallon this week, which is a $0.017 decrease over prior week.
The diesel price per gallon is up $0.456 or 15.8% higher from the same period last year.
Oil prices continue to push lower this week with WTI and Brent trading down roughly $4.00 from the prior week. Today WTI and Brent closed at $61.74 and $71.62, respectively.
Weakened world oil demand forecasts continue to put pressure on oil pricing. Slowing world economies, trade & tariff concerns and rising interest rates are the drivers of a weakened forecast. It did not help that the Iran oil embargo was not put in full gear, as it was previously announced.
The EIA's most current diesel price projection for diesel is $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:
- 53' Domestic Intermodal Price Index & Diesel Fuel Prices
- Variance to January 1, 2013 Baseline
- Rolling 52 Year-over-Year Comparison - 53' Domestic Intermodal and Diesel Fuel Prices
- Rolling 52 Year-over-Year % Change - 53' Domestic Intermodal and Diesel Fuel Prices
- 53' Domestic Intermodal and Diesel Prices Quarter-Over-Quarter Comparison
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