Don’t panic, Keep calm and check the price
WTI futures curve (1m-7m) : at an all-time high
WTI ATM option im vol : at an all-time high except for 2020
VIX futures curve (1m-2m) : not there yet
Oil has definitely hit panic, but equities still have room to fall
When the VIX reaches the same panic level (1m–2m curve around 5), I think that’s when TACO shows up