The whole idea that oil and gas is sold 5 to 7 years out is in and of itself opposite of supply and demand. No one knows what supply and demand will be in 5 to 7 years. It's just speculation. It becomes a financial arrangement. Or it's a hedge to make an acquisition work. Or it's a hedge against the cost or producing electricity. Or it's just locking in a cost so that you aren't subject to price shifting, and so you company can pay steady dividends to stock holders. Or it's trying to unwind a position that was put in place 5 years ago, and now you don't have the supply because your platform is upside down in the gulf of mexico. ETC....
Oil and Gas price is determined by a LOT of things. INCLUDING but not limited to supply and demand.
I suppose I just disagree that the activities going on in the futures markets don't represent supply and demand.