Why am I shorting energy stocks?

I have started to short energy stocks. Due to the ongoing Russian invasion of Ukraine that is keeping oil elevated, my shorting trades are not performing yet but I'm not concerned at all. As a matter of fact, I will add more such shorts due to further deterioration of the underlying momentum for energy stocks. 

Below is a good analysis about what the oil futures are telling us right now: a correction, potentially a big one, is coming!

Backwardation

The first is "backwardation."

Should a futures contract strike price be lower than today's spot price, it means there is the expectation that the current price is too high and the expected spot price will eventually fall in the future. This situation is called backwardation.

For traders and investors, lower futures prices or backwardation is a signal that the current price is too high. As a result, they expect the spot price will eventually fall as the expiration dates of the futures contracts approaches.

Backwardation can occur as a result of a higher demand for an asset currently than the contracts maturing in the future through the futures market. The primary cause of backwardation in the commodities' futures market is a shortage of the commodity in the spot market. Manipulation of supply is common in the crude oil market. For example, some countries attempt to keep oil prices at high levels to boost their revenues. Traders that find themselves on the losing end of this manipulation and can incur significant losses. – Investopedia

Currently, the backwardation in the Brent Crude market is at the highest level since 1992.

If we look at those peaks in backwardation, they align with previous peaks and more severe financial events.

Given the extreme level of backwardation currently, such suggests that considering a process to reduce oil-related risk (aka sell energy stocks) may be prudent.