The narrative today is that we are facing a global pandemic due to the coronavirus outbreak. It's absolutely crushing equity and oil markets with the Dow Jones Industrial Average down 980 points and WTI crude oil down $2.75/barrel – and it could get worse.
With global chatter circling around the latest mass scale respiratory ailment, the coronavirus, there is global glut of petroleum fuels. Like SARS, in 2003, the coronavirus is thought to spread through respiratory droplets being transmitted form one person to another (i.e., sneeze or cough). With the potential for person to person transmission being so high, major travel has been hindered by the fear of either spreading or acquiring the new virus. With more than 17,000 cases already and growing, there is now concerns on how to handle the temporary glut of fuels in the market.