Oiler bull phase topped out (late June) before the Oil futures (July 6)
The chart below shows the Oiler stocks (as represented by the XOP etf in blue) clearly advanced much faster than the Crude Oil prices (in the thin black line) from around April 21 until late June when the bullish momentum dissipated and then turned south. The $WTIC futures continued to rise until topping out July 6 at $76.98.
The bullish Oil narrative was used as a hook to keep most investors holding their stock positions through the OPEC+ meetings on Friday, July 2, which apparently a stand-off, and then on Mon-Tues (July 5-6) which was promoted as a plus by the media (see this link), which was misleading.
Investors in the stocks must make trading decisions based on the trends and cycles of the prices, and not their interpretations of media’s interpretations or whatever (i.e., misinformation or disinformation). Doing the latter is one of the biggest mistakes investors make.