Dry Van advertised all in spot rates were down 2 cents per mile (-1.1%) to $1.76 relative to last week with a little less than half of the lanes showing an increase.
EIA Diesel prices were down $0.023 (-0.6%) over the past week to $4.105. $1.080 below the year ago price and down $1.705 (-29.4%) from the all-time weekly high of $5.810 for the week of June 20th of last year. Unfortunately, the surprise move by OPEC to reduce oil production by 1.1 million barrels of oil per day means it is likely that diesel’s lovely decline over the past several months is over.
Loads originating from ND_Bismarck, MT_Billings, TX_El_Paso, WV_Huntington, TX_Amarillo, and ND_Fargo markets had the largest percentage increase in rates.
Loads delivering to MT_Missoula, MI_Saginaw, ND_Fargo, NV_Las_Vegas, OR_Portland, and AZ_Flagstaff markets had the largest percentage increase in rates.
The 6 highest long haul rates were out of ND_Bismarck, ND_Fargo, IA_Cedar_Rapids, IL_Taylorville, IA_Dubuque, and MO_Cape_Girardeau markets with an average rate of $2.16, down 2 cents from last week. (Note that ND_Bismarck is such an outlier it is excluded from the rate calculation. Note I do not expect this to be sustainable, more of a blip.)
The 6 highest long haul lanes were into NH_Bristol, MT_Missoula, NM_Albuquerque, WA_Spokane, CO_Denver, OR_Pendleton, and WY_Green_River markets with an average rate of $2.02, unchanged from last week.
The 6 lowest long haul rates were out of FL_Miami, FL_Lakeland, OR_Portland, WA_Seattle, UT_Salt_Lake_City, and OR_Medford markets with an average rate of $1.25, up 5 cents from last week.
The 6 lowest long haul rates were into TX_Laredo, TX_McAllen, TX_San_Antonio, NE_Omaha, IL_Joliet, and MO_St_Louis markets at an average of $1.28, down 2 cents from last week.