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InTek Intermodal Index (III) Weekly Market Analysis

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Weekly market intelligence including the InTek Intermodal Index (tracking intermodal spot rates), along with truckload pricing, diesel trends, and railroad volumes

Updated every Thursday | Last updated: September 10, 2026 | View historical archive

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This Week at a Glance

Week ending September 7, 2026

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Intermodal Spot Rate

(excluding fuel)

Flat vs. last week

▲ +4.8% vs. last year

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Truckload Spot Rate

(excluding fuel, DAT)

▲ +2.4% vs. last week 

▲ +42.4% vs. last year

 

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Diesel Fuel

(EIA National Average)

▲ +6.6% vs. last week 

▲ +58.4% vs. last year

 

 

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Intermodal Volume

(YTD vs. 2025)

U.S. ▲ +4%

North American ▲ +3.3%

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This Week's Analysis

By Rick LaGore, CEO, InTek Logistics | September 7, 2026

Analysis of the InTek Intermodal Index (III) and freight market trends

Trends in the Intermodal Transportation Spot Rate and Market

Intermodal spot held flat this week after two weeks of gains, while diesel set a new high and truckload pushed further into peak.

Intermodal spot was unchanged on the week and holds 4.8% above last year. Truckload spot climbed 2.4%. Diesel jumped 36.8 cents to $5.967, a new high, now 58.4% above last year. Volume kept stepping up, with US intermodal at 4.0% ahead of last year.

The intermodal run of increases paused at two. The firming carried past the Southern California peak effect, and this week it leveled. That answers whether the trend was durable or seasonal. It is holding its ground rather than extending - a flat week at a firm level, but importantly, no giveback. Truckload kept climbing into peak, so the linehaul spread widened back toward intermodal even without intermodal moving.

The bigger move was fuel. Diesel resumed its climb and set a new high, which puts the cost side of the mode comparison back in focus after last week's single soft print. The demand picture underneath it persists. Volume is firm on conversion and cross-border, while total freight stays soft.

The spread move this week came from truckload. Truckload priced the tighter peak market while intermodal held a steadier line, which is the mode gap doing what it does this time of year.

For shippers, the playbook holds. Price the spread on total landed cost with fuel in it. Diesel is back at a new high, so the fuel line is again the largest single item in the comparison. Where it goes next depends on refining margins more than on crude. Watch the 3-2-1 crack spread for that read.

InTek Intermodal Index (excluding fuel):

  • Flat vs. prior week
  • Up 4.8% vs. prior year

The InTek Intermodal Index (III), which tracks intermodal spot rates, was flat for the week and holds 4.8% above last year.

The two-week climb leveled off instead of reversing, which after a seasonal peak-driven run is closer to consolidation than a turn.

The annual reading eased from 5.1%, a comparison-base effect from a higher year-ago week and not a sign of current softening. A flat week at this level, with volume still firming, keeps the intermodal read intact even without another price gain.

National Truckload Spot Rate (DAT, excluding fuel): (DAT Trendline Report)

  • Up 2.4% vs. prior week
  • Up 42.4% vs. prior year

Truckload spot climbed 2.4% for the week, its strongest weekly move in the recent stretch, as peak season builds.

Year-over-year held at 42.4%. With truckload rising and intermodal flat, the spread widened back in intermodal's favor.

The premium to intermodal stays large, and truckload building into peak is the expected pattern. It does not change the demand picture, which stays soft underneath the price.

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Diesel Fuel (EIA):

  • $5.967/gallon
  • Up $0.368 (6.6%) vs. prior week
  • Up $2.201 (58.4%) vs. prior year

Diesel resumed its climb and set a new high at $5.967 per gallon, up 36.8 cents (6.6%) on the week and up $2.201 (58.4%) on the year.

Last week's dip was the pause, before costs charged forward. The year-over-year gap pushed past 58%, the widest of the run, and diesel now sits within reach of $6.

The driver has not changed. This run sits in refining and distillate supply instead of crude itself. For a shipper, the 3-2-1 crack spread, not the crude price, is what to watch for where diesel goes next. Rail is roughly three times more fuel efficient than over-the-road truck on a ton-mile basis. At a 58.4% year-over-year diesel gap, that efficiency widens the intermodal cost advantage further and keeps marginal long-haul freight converting to rail.

(The full spreadsheet of the historical weekly price moves of diesel full can be found at https://www.eia.gov/petroleum/gasdiesel.)

 

Year-to-Date Intermodal Volume by Region and Railroad vs. 2025

North American intermodal volume runs 3.3% ahead of 2025 year to date and US volume 4.0%, both stepping up three to four tenths from last week. US crossing 4.0% is a marker worth noting. It is the firmest year-to-date reading of the year, and it comes as the recent weekly pace runs ahead of the cumulative average.

On the reported table, GMXT leads at 14.6%, steady after its round trip. CSX (5.9%) and BNSF (5.1%) both firmed back above 5%, with NS (4.4%) close behind. UP moved into positive territory at 0.6% and CPKC firmed to 1.2%, both now clear of the break-even line they spent the summer climbing toward. CN at -2.4% remains the lone holdout below last year. The group is healthier than at any point this summer, with the underperformers lifting and the leaders holding.

North American Intermodal

3.3%

U.S. Intermodal

4%

Volume by Railroad

BNSF 5.1%
CN -2.4%
CPKC 1.2%
CSX 5.9%
GMXT 14.6%
NS 4.4%
UP 0.6%

 

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Intermodal Spot Rate Trend Charts

InTek Intermodal Index (III) spot rate per mile including fuel, showing weekly trends

Intermodal Spot Rate Per Mile (Including Fuel)

  

InTek Intermodal Index (III) spot rate per mile excluding fuel, showing weekly trends

Intermodal Spot Rate Per Mile (Excluding Fuel)

 

InTek Intermodal Index (III) average intermodal spot rate per mile from 2021 to 2026 Intermodal Spot Rate Average Per Mile (2014-2026)

InTek Intermodal Index (III) average intermodal percentage rate change per mile from 2021 to 2026

Intermodal Spot Rate Y/Y % Change (2014-2026)

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What to watch next week

Three things to watch heading into the week of September 14, 2026.

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Does intermodal spot resume or stay flat?

The three-week climb paused this week. Watch whether it picks back up as peak holds or settles at this level. A flat stretch here would be consolidation at a firm reading, not weakness, but a second flat week would say the seasonal push has run its course.

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How close does diesel get to $6 (or does it clear)?

Diesel set a new high and sits within reach of $6, with the year-over-year gap past 58%. Watch the next EIA print and the crack spread. As long as refining stays tight, the fuel line keeps widening the intermodal advantage, and hurricane season is still open.

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Does peak actually show up in the volume?

Both spot rates are pricing a tightening peak, but the volume data has been carried by conversion and Mexico cross-border, not a demand surge. Watch whether the coming weeks bring a genuine seasonal volume lift or whether peak is a pricing event without the freight underneath it. That ties straight to your price-versus-volume framework.

Last week's scorecard

Last week we flagged three things. Here is how they played out.

  • Does intermodal spot make it three weeks up? No, it paused. Spot held flat after two straight gains. The two-week climb leveled instead of reversing, which reads as consolidation at a firm level rather than a turn, but the streak stopped at two.

  • Was the diesel dip a pause or a turn? A pause. Diesel resumed its climb and set a new high at $5.967, up 36.8 cents, erasing last week's decline and then some. Last week's single down print was the exception in the run, not the start of relief.

  • Does contract data finally land? Not yet. No new meaningful contract print this week to make a firm answer.

About the InTek Intermodal Index:

The InTek Intermodal Index (III) tracks weekly domestic intermodal spot rates on a per-mile basis, both including and excluding fuel surcharges. Each week's report includes comprehensive market analysis covering truckload pricing trends, diesel fuel costs, and railroad intermodal volumes to provide context for rate movements.

Published every Thursday since 2014, the Index serves as a resource for shippers, carriers, and industry analysts tracking North American freight market trends.

Citation: InTek Intermodal Index. (2026). Weekly Intermodal Spot Rate Report. Retrieved from https://www.inteklogistics.com/spot-rates

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