Intermodal Spot Rate Index Increased - Oct 15, 2018
The InTek intermodal spot rate index increased 0.6% over prior week.
For the week of October 15, 2018, domestic intermodal spot rates:
- Increased 0.6% from prior week
- Increased 11.7% from 90 days ago.
- Increased 32.4% from prior year.
Lane Stats: 93.0% increased, 4.4% decreased and 2.6% went unchanged.
No particular lane or market was immune to minor increases making this week's rates appear to be financially driven versus market driven.
Intermodal continues to run ahead of truckload spot rates in the year-over-year percentage comparison. As stated last week, it would be optimal to see a convergence in the year-over-year comparables, so to limit the risk of freight being converted from intermodal to truckload in non-peak lanes. In prior years, truckload to intermodal conversion became more prevalent when the truckload spot rate per mile was roughly $2.10. Time will tell if this holds true during this business cycle.
Diesel Fuel Comments:
The EIA reported average diesel fuel price of $3.394 per gallon this week, which is a $0.009 increase over prior week.
The diesel price per gallon is up $0.607 or 21.8% higher from the same period last year.
Oil prices took a turn lower this week with WTI and Brent trading in the range of $69.30 and $80.15, respectively.
The EIA trimmed its forecast last week for world oil demand as it is less optimistic on demand because of slower world economies, trade & tariff concerns and rising interest rates.
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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