QuoteWhat is much more likely is that Demand Destruction is beginning to set in.
Suppliers need a bargain since current energy prices can't be supported. You are not going to pay a lot for something you can't sell at a high enough price to cover your costs. The question is, is this a lagging indicator of economic conditions or is it a leading indicator of market expectations. Or both. It looks to be both.
Sort of like telling the waitress you will wait for the fresh pot of coffee.
Looking at the graph it looks like the demand destruction was manifesting as a straight line down.