Waning crude oil volatility suggests that oil’s decline is over. This is the same trend I highlighted in mid-February when other key sectors were using the lapse in volatility to break out.

The CBOE Crude Oil EFT Volatility Index (OVX), which measures anticipated volatility of crude oil prices (this sector’s answer to the VIX), is starting to break down after two-plus months of range-bound trading. Oil won’t retest $100 per barrel anytime soon, but the panic in oil appears to be over.