Many dismissed yesterday's negative oil prices on the May WTI contract as an aberration, forced selling on an expiring derivative, a U.S. problem as storage capacity fills up in that nation. Yet today the more-traded oil contracts in both NY & London are plunging.

This could ignite another round of bankruptcies among US energy producers, which have already had a spate of recent insolvencies. Investors are demanding 9.1 percentage points in extra yield to own energy junk bonds vs non-energy junk, even post-Fed intervention in credit markets