WTI crude oil is currently trading up over 6% in what is the best day for the commodity since its 12.3% rally back on 2/12. Just to highlight how volatile crude oil prices have been so far this year, today’s rally is the tenth one day gain of more than 5% for crude oil this year. The chart to the right shows the number of 5%+ upside days for crude oil in the first four months of a calendar year since 1980. With ten already, this year ranks as the second most. Even with all of these big one-day rallies for crude oil, though, you may be surprised to find that the front month futures price is up just 7% on the year.
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