Global stocks found it challenging to claw back losses after the oil market shock on Tuesday. It wasn't just energy-related companies that suffered. The fact that futures for domestic West Texas intermediate crude oil turned negative for the first time in history speaks volumes about the demand collapse we are facing around the world.
The crude oil price weakness has indeed been attributed to diminishing storage capacity that some energy experts estimated to be at "maybe less than one percent" worldwide. However, Art Cashin, who runs UBS's floor operations at the NYSE