The prices of stocks became a function of demand in the market for the stocks rather than the true value of the company that issued them. It seems to be good analogy for the commodities market. Requiring an investor to take possession of the oil at the time of purchase may serve to reduce the number of players, and thus relieve the overheated demand.

That analogy is flawed for the following reason: if demand were being driven by speculation rather than simple market forces of supply and demand, then we would see inventories rising.  However, that is not the case.  Prices for other commodities which are not traded on futures exchanges have also risen sharply due to increased demand in emerging markets like China and India.

Speculation is a good thing because more people participating in the market leads to greater price stability. The way to get energy prices down to manageable levels is to increase supply, not interfere in the market.