The apparently strong effect on oil prices of recent hurricanes in the Gulf of Mexico, which led to short-term reductions in production, is a bit of evidence that high prices reflect a tight supply-demand balance rather than speculative hoarding.
If inventories or spare production capacity had been available, the shortfalls created by hurricanes could have been replaced, and the price effect would have been more muted. A somewhat different question is whether future prices for oil contain a significant risk premium.