A Range Like Few Others

2026-03-11 00:30:00 ET

The situation in Iran, among other catalysts, has understandably raised volatility. As we discussed in today's Chart of the Day , the S&P 500 (SPY) has been experiencing historic intraday moves so far this year, and of course, yesterday's massive swings in crude oil prices are perhaps the prime example of heightened volatility. We highlighted in the Closer last night how front-month WTI went from trading just shy of $120 at its overnight highs Sunday, which would have been one of its largest daily gains on record. However, the steep drop in afternoon trading erased much of those gains. Today, the pullback has continued with another roughly 10% decline in both WTI and Brent futures. As shown below, the well over 40% intraday high and low range for crude prices yesterday made for WTI's second largest intraday range in percentage terms. The only time with a wider intraday range was in the spring of 2020, around the time that prices briefly went negative. Even today, as the intraday high/low range has "moderated" to 10.5% for WTI as of this writing, that reading would rank in the 98th percentile of all periods since 1984....

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