To be honest, I don't have an explanation. Maybe LEO has been distributed in too many ways. One fund that was slated to pay HP delegators 16% in LEO is about to be depleted of funds. Khal mentioned when that happens they will come on the market and buy LEO (the cheapest on the blockchains where it can be found, natively or in its wrapped form) to continue to pay the dividends to delegators. That should provide some constant demand for LEO.
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Which account is about to be depleted of funds?
It's one account at their disposal, a dev or marketing fund, which had a fixed amount of LEO in it and obviously at some point, they run out. This account is where they pay out the leo.voter dividends from. He mentioned it in an AMA a few weeks back, if I remember exactly.
Or perhaps Khal decided it was time to pull the rug ...
I doubt it, but it's always a possibility in centralized systems. :)