With all eyes on China as the great Eastern hope for putting a floor under crude oil prices, last night’s dismally disappointing Manufacturing PMI print looks set to remove that last pillar of ‘demand’ – artificial or not. Having fallen 6 months in a row and printing 49.8, missing expectations of 50.2 (3rd of last 4 months) and down from the prior 50.1, this is the first official contractionary signal for Chinese manufacturing since September 2012.