I suppose I just disagree that the activities going on in the futures markets don't represent supply and demand.
They represent in part speculation about supply and demand. How many oil and gas traders do you know that would put there 401k out there as a position 5 years out? None... nobody knows what supply and demand will really be in 5 years. It's easy to trade and speculate with the companies money though... at least it's easy for a while :)