Buying USO put contracts.

The United States Oil Fund (USO) tracks the price of oil and is elevated thanks to high demand and limited supplies.

After holding at elevated levels for a few months, oil is likely to pull back. Part of the pressure could come from reduced demand as the Fed and other central banks put pressure on inflation. And any easing of the conflict in Ukraine could also take some premium out of the oil market.

Meanwhile, energy STOCKS could continue to do well. Because profits will continue to grow for oil producers and servicing companies even if oil prices back off a bit.