There's a definitive change in character in Energy, but energy is a much more diverse asset than oil, oil is a part of the Energy sector, but Energy is an entire sector so there's not a lot of comparison to a single asset, that said, right now, right here, I like USO (short) better than Energy, but there is a change in character in the energy complex.
Energy's change of character...
This is ERY, 3X Leveraged Energy Short so a positive divergence her is obviously a negative for Energy, the price action is getting very parabolic so I think it's probably nearing a reversal, but if I have to choose right now (as I don't want 2 highly correlated positions unless they are treated as 1 with regard to risk management and position sizing) I'd go with USO. Now there's something to be said for Energy as well, with a break in the energy complex it becomes very difficult for several of the averages to hold up as they have some serious exposure to energy so the argument could be made, "I want to wait for the Energy sector to look like a high probability short" as it also weakens the market more.
Another option I like is the IOC core short position that we have been in an out of a few times, it's currently an active short position (equities) at a nearly +23% gain with no leverage. This one looks to be in a pretty high probability area, there's a chance you get a little better entry as well, although I wouldn't get too hung up on that, maybe leave a little room to add just in case.
The charts...
This is the area of our last short entry, I don't recall the date, but that's the price. There's a counter trend correction, not very big considering the market and Energy's available support.
Big picture, the 2 hour chart negative at the high (just above our entry), note the head fake move as well right at the top. The moves since then have been in line, meaning the counter-trend bounce saw no accumulation out this far.
The 60 min chart does show some accumulation for the bounce as well as a sharper leading negative divergence in red.
The 15 min chart moved sharply to a leading negative position so it looks like there was quick/strong distribution.
And the 5 min chart showing recent action. It would be nice to enter or add to this one a bit higher, but I think it's still well within a reasonable risk area to consider it as a new position or add to. If this is the one I'm interested in over USO or ERY, I'd have no problem opening a short here.
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