Heres the thing about WTIC. When it was over $100 a barrel, the black gold rush coupled with free money at 0% interest rates spurred one of the greatest buildouts of excess capacity an industry has ever seen. As a result cost reducing technology has been innovated, the number of producing oil wells worldwide is massive. On top of this, the wells that have all been recently built are pumping like crazy trying to produce enough volume to stay afloat.
I don't see this predicament ending well for players in the oil patch. There are some very deep pocketed liquid entities in this arena, people who can turn profits with oil trading at a fraction of what the market will currently buy at. At the end of the day, the people with the cheapest production cost will win. Don't be surprised to see oil hit 30s, 20s, or even new lows before the huge supply glut gets thinned out by market forces and an equilibrium is found...