Why is volatility trading like it was in February 2020?

Does oil know something equities don't know?

Earlier today CNBC discussed panic in markets and concluded there is no panic in oil. Down 15 bucks from highs is just a "healthy" correction according to them. Real panic is when it trades negative $37 apparently. One thing is sure, for the many bulls out there (and they are many) the $15 move lower is not healthy for the p/l. Let's see how the Omicron situation plays out, but oil's poor price action is starting to resemble what we saw back in early 2020. Oil was fading SPX big time back in Jan 2020. Then came corona, which equities discounted as "nothing" first, while oil continued trading well offered. We all know what happened later. Oil's recent fade is starting to look similar to what we saw back in early 2020...