Oil continues to trade in a very well-defined uptrend channel.  Since making its bear market low of $26.21 on February 11th (the same day the stock market bottomed as well), the price of oil has rallied 85.16% up to its current level of $48.53.  A bull market is defined as a 20%+ rally that was preceded by a 20%+ decline, and the current bull market for oil has now lasted 103 calendar days.

Below is a list of all oil bull markets since 1983.  Again, these are 20%+ rallies that were preceded by a 20%+ decline.  For comparison’s sake, at the bottom of the table, we highlight the average and median gain and length of all oil bull markets.  Notably, the current bull market for oil has already eclipsed the average and median bull in terms of price change.  With a gain of 85%, this oil bull is nearly 23 percentage points stronger than the average oil bull, and it’s nearly 50 percentage points stronger than the median oil bull!  In terms of length, though, this bull has been just half as long as the average bull and 40 days less than the median bull.  On both a median and average basis, bull markets in oil have been much shorter in duration than bull markets of other asset classes like equities or gold.

 

oilbulls

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