Yes, pure perception.
It is all a money game to them. Like a cat playing with a mouse, movement is all that is needed to make them happy. It does not matter if it is up or down. The whole scene is one of numbers and volume.
I forgot how very very small the number of trades that ever result in phycical delivery of product but it is in the minority.
The futures market was set up for hedgers and speculators. I think there is one hedger there.
The reality is hedgers moved to contracts to lock in costs and sales prices.