WTI Crude Oil futures experienced a highly volatile session, opening higher before dropping to session lows midday, and ultimately rebounding to close slightly up near the 106 level. This yo-yo price action continues to be driven by ongoing peace talks and geopolitical headlines emerging from the Middle East. Despite the significant intraday price swings, the CVOL index indicated that overall volatility actually closed slightly lower on the day, presenting a surprise relative to the underlying price activity. On the positioning front, recent data shows speculators continuing to exit their net long positions, extending a trend that has been observed since late March.