Liquefied petroleum gas (LPG) tank car sublease rates were somewhat higher as reduction in rail congestion in Canada and a surge of crude shipments continues be seen.
A source at a car builder said in general, the tank car market is “pretty good,” and noted that “the order cycle might be a little soft as we work through this backlog” as crude prices rise.
Indeed, crude oil prices have surged to their highest levels in four years, as an agreement between oil-producing countries to restrict supplies has helped push crude prices higher. The benchmark West Texas Intermediate crude topped $70/bbl earlier this month.
Continued delays for pipeline projects in both the U.S. and Canad...