It appears that Exxon has put in a structural top and may have seen the highs it will see for many years.

What does it say about the price of oil when the multi-year bull market in the stock of the world's largest energy company may be over?

We may have seen the highs in the oil price.  Commodity stocks often presage the movements in the underlying commodity.

I think there is a fairly good chance WTI will fall to $100-$110, then bounce to retest the highs.  At that point, I will consider aggressively shorting oil.