After capping off its biggest three-day rally since 1990 yesterday followed up with a 7% decline today, crude oil has certainly been volatile over the last two weeks. By one measure, the volatility in crude oil over the last two weeks is at levels that exceed what we saw when prices first crashed late last year and have not been seen since the Financial Crisis. The chart below shows the average absolute daily percentage change in crude oil over a rolling ten trading day period since the beginning of 2008. Through this afternoon, the average daily move in WTI has been a gain or loss of 5%. The last time the average daily move was this high was back in March 2009. Periods like this have been few and far between.