After steeply climbing since summer, diesel prices are starting to level at an average $2.922 per gallon. Last week, the average price was $2.926 per gallon, according to the Energy Information Administration. Average prices were $2.912 and $2.915 per gallon the two weeks prior.
The average price is still 44 cents higher than the average price a year ago this week. The lowest average price per gallon this year was $2.465 the week of June 26.
For more information, visit the EIA’s website.
FOR IMMEDIATE RELEASE
COUNCIL BLUFFS, Iowa– BAT Logistics, one of the fastest growing 3PL providers of transportation services, is using Microsoft Azure Machine Learning and Predictive Analytics to develop a tool that will forecast what freight rates will look like in one to 12 months. The tool will be just one more value-added service BAT provides to all its customers starting in 2018.
“Imagine the ability to lock into a contracted rate just before spot rates soar. Imagine the ability to forecast how long spot rates will outperform contracting rates and vice versa. Imagine the ability to predict how peak seasons will impact freight rates,” said Jarrod Marinello, executive of BAT Logistics.
BAT graded the accuracy of the prediction tool for 15 months because the company wanted the highest accuracy it can get. With each test, the accuracy has improved, and the tool is currently at 60 percent accuracy. BAT believes, based on on the increase in accuracy over the past 15 months, that the accuracy will be at 75 percent some time in 2018. Anything over 75 percent accuracy offers extreme value.
BAT will be launching the prediction tool next year as the company celebrates its 10th anniversary.
About BAT Logistics
Backhaul and Track Logistics d/b/a BAT Logistics provides transportation solutions to the shipping community. Our core strength is full truck load services in dry, refrigerated, and rail commodities. Our services are executed using key national carriers with a focus on small to medium sized carriers. We operate in headhaul and backhaul lanes both regionally and cross-country. We also utilize door-to-door rail services that cover the entire nation. Our industry knowledge and experience using rail transportation gives us a clear and distinct advantage over the competition.
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Diesel prices spiked through the month of October, and started the first full week of November 41 cents higher than the average price last year this week. The average price per gallon is $2.88, according to the Energy Information Administration.
The average price dipped slightly the week of Oct. 9 to $2.776 per gallon, but has climbed ever since. The biggest jump in price was this week at six cents.
For more information, visit the EIA’s website.
With BTU’s high powered freight rate tool and carrier pairing, BAT can benchmark pricing that doesn’t satisfy their customers with pricing that does satisfy and still provides capacity. In essence, BAT is turning losing freight rates into winning freight rates by adjusting their margins and carrier relationships.
Another major value for BAT is in seconds BTU identifies BAT’S best carrier that’s available for the chosen lane. It’s been a way for BAT to keep ahead of the market trends and position themselves ahead of the market’s supply and demand.
BTU is a freight rate tool that uses Microsoft Azure machine learning, predictive analytics, and artificial intelligence to give brokers the ability to find the right rates that provide accuracy and high margins.
After jumping about 15 cents as a result of Hurricane Harvey in late August, the national average for diesel fuel prices hovered at the $2.80 per gallon. At the start of October, the average price is $2.792 per gallon, according to the Energy Information Administration.
The high the year so far was reached in the Sept. 11 update, which had the national average at $2.802 per gallon. The average price was the lowest for the year at $2.465 in June.
This week’s average price is 40 cents higher than the average price a year ago this week.
For more information, visit the EIA’s website.
Sept. 10-16 is National Truck Driver Appreciation Week. We are so thankful there are people willing to take on this job to help transport goods and materials all over the country. Here are a few facts about professional truck drivers:
- – There are 3.5 million truck drivers in the United States.
- – Truck drivers drove over 279 billion miles in 2014 alone, according to the American Trucking Association.
- – The median annual wage of a truck driver is $41,340, according to the Bureau of Labor Statistics.
- – Truck drivers’ crash rate is 29 percent lower than other drivers, according to the Federal Motor Carrier Safety Administration.
- – Just about every good consumed in the United States was on a truck at some point, according to the ATA.
Be sure to thank a truck driver this week.
Diesel prices marched close to the year high over the past month, increasing to an average $2.581 per gallon by this first full week of August, according to data from the Energy Information Administration. The highest average price for the year so far is $2.597, which was hit both in January and April. It didn’t help that the average price climbed five cents in just the last week.
Since the end of June, the average price has increased about 12 cents. Prices are about 27 cents more than prices a year ago this week.
For more information, visit the EIA’s website.
Diesel prices dropped nearly 10 cents throughout the month of June, from an average $2.564 June 5 to $2.465 June 26, according to the Energy Information Administration. Prices seemed to settle for the holiday, rising slightly to $2.472 this first week of July.
The last time the average prices were this low was November. Last year, prices dropped throughout the month of July, reaching a low of $2.31 by Aug. 15.
The average price is still about five cents higher than prices were this week a year ago.
For more information visit the EIA’s website.
Teri meets Super Frog, TCU’s Horned Frog mascot.
The College World Series began this weekend, and of course a BAT was there to enjoy a game.
Accounting Manager Teri McClun went to Game 4 Sunday night in which Florida beat TCU 3-0.
Although she is a TCU fan, she still had fun meeting other fans from Texas and a TCU alumnus who now plays football for Kansas.
Teri has been going to the College World Series games since she was little, and became a TCU fan four years ago.
The College World Series was first played in Omaha in 1950, and has been played here every year since. The final eight teams in the NCAA tournament come to Omaha to participate in the series. The series continues throughout the month of June. (TCU’s next game is 2 p.m. Tuesday against Texas A&M.)
Teri’s view of the TCU v. Florida game at TD Ameritrade Park.
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