Market Update – September 26, 2024

The freight industry moves fast, and we do our best to stay on top of it by providing you with the most notable information and stories of the week. Explore news and market data relevant to the industry here:

Weather Updates:

• ‌Hurricane Francine landed along the Gulf Coast bringing heavy rains and high winds to Louisiana, Alabama, Florida and Mississippi. Francine is expected to bring 3 to 6 inches of rain with localized amounts up to 10 inches possible. This rainfall could lead to localized considerable flash flooding.

LTL Updates:

• ‌Diesel Rates: National diesel prices have increased by $0.013 from last week, averaging $3.539 per gallon, which is $1.047 lower than this time last year. The Midwest region saw the largest increase of $0.030 from last week to $3.511.
• Transit Times: Shippers and receivers can expect significant transit delays in the Southeastern states due to Helene. Heavy rains, significant storm surge and high winds will halt transit temporarily in and out of the region as the storm moves inland. LTL terminals will run limited operations in front of the storm and will resume operations as soon as it is safe and able to do so. 

TL Updates:

• ‌Market Activity: Spot load posts decreased by 4.8% last week, while spot truck posts contracted 3.3%. The Load-to-Truck Ratio (LTR) was up for flatbeds, but down for vans and reefers.
• ‌Outbound Tender Rejection Index (OTRI): The OTRI saw little movement week over week. The OTRI currently stands at 4.64 compared to last week’s value of 4.49.
• ‌Dry Van: Demand decreased by 0.8% to a 3.10-1 LTR nationally, with the highest demand in NJ, NV, PA and VT, exceeding 5.5+ to 1 LTR.
• ‌Flatbed: National flatbed demand increased by 3.3% to 11.66-1 LTR, with the highest demand in AL, MS and OR, at over 18+ to 1 LTR.