Market diagnosis: The global crude market is in a correction within a secular bull market — Strait of gold declined from $5,589 Jan ATH to $4,239 — down 24% YTD. WTI crude at $4,238.80/bbl reflects demand destruction (-420 kb/d yoy) and long liquidation from elevated levels, not a fundamental easing. The deficit is still ~1.8 mb/d. This report provides procurement-specific guidance with quantified scenario analysis and forward contract recommendations.