If I understand this right, then even OPEC is being held hostage by the former Dot Com day traders that have infested the commodities markets. Albeit an advantage to them (OPEC) presently.
It's a market and those traders take their chances. OPEC could bankrupt them all in an instant if they decided for some reason to open the spigots.
IMHO, neither OPEC or the day traders are setting price right now. A very active global economy, especially in China and India, is driving oil demand to ever higher levels. That's basically 2 billion additional people who now have acquired a taste for oil.
The only real effect day traders have on the market is to add liquidity, which is a good thing.