The bar is set pretty low for a volatility breakout. A move over 16 breaks a trend first started in August. COT positioning is currently at a record high of net short positions, exceeding Feb 2018 when vol wiped out option sellers and hit 50 in a few days.
Crude bullish continuation has been dampened buy a strong dollar caused buy global interest rates hovering at or around zero. As the dollar contracts, crude as multiple monthly highs within striking distance.
