If it were "speculation" there's no way it could go on this long.  Someone, somewhere would start dumping it at a lower price to stiff the competition and that would be the end of that.  We're simply at that point where world production can barely sustain world demand.  That's why "speculators" are keeping the prices high.  No one really knows anything except that it's not going down to a significant degree, probably ever again.

I think from here on out we'll see a bit of a stair-step pattern.  Prices will rise and demand will fall off somewhat and then prices will descend slightly.  Then demand will rise again and prices will follow it up.  It will continue this pattern until something creates a real honest-to-God shortage.  Then it will spike off the chart.  

If there is a bad hurricane in the Gulf of Mexico look for serious price spikes.   Specifically, if a large storm were to strike Port Fourchon directly, which is due south of the center of Lake Pontchartrain, the shit would really hit the proverbial fan.  Then the nation would fully understand why Louisiana is so jittery about coastal erosion. 

Also, if I were the Saudis, I'd be doubling and tripling security on their production and transportation facilities. If ever there were a ripe time for a terrorist strike against Saudi production,  this is it.  I hope they've got their eyes, ears and noses wide open.