Is the macro backdrop making energy plays like $USO a fool's errand right now?

Been watching $USO bounce around a bit today, currently at $126.6, up a little. Had a nice range between $124.17 and $126.92. On the surface, that looks like some nice volatility to trade if you're nimble. But with all the talk about a looming global slowdown, it really makes me question whether chasing these short-term energy moves is worth the risk. My gut says that even with the day-to-day fluctuations, the broader macro winds are strong enough to make sustained upside in something like $USO or even $UGAZ (which is flatlining at $10.82 today, by the way) pretty unlikely for the foreseeable future. We've seen $LDO creep up a bit to $0.299, but that's a completely different animal and not really tied to the same macro forces driving crude.

I just wonder if focusing on these energy plays is distracting from bigger, more secular trends. It feels like trying to catch pennies in front of a steamroller sometimes. Am I being too bearish on the energy front, or is anyone else feeling like the risk-reward just isn't there given the bigger picture?