Thoughts on WTI's current resilience vs. broader economic signals

It feels like WTI is holding up stronger than fundamentals might suggest, especially with the ongoing concerns around global demand. We're seeing $SPX500 drift sideways, currently at 7354.02, and that general market indecision, coupled with a relatively stable $USDC at 0.99976, hints at a cautious macro backdrop. Yet, crude isn't really taking a dive. Is this purely supply-side driven, or are some of the demand destruction fears overblown? I keep looking for a capitulation move that hasn't materialized. Am I missing something in the current narrative? Feel free to push back on this.