ITS called front month decay. Nobody wants the physical oil, so they have to get out of the future contract and enter into the next one. THERE is a cost to it. THATS why you can not hold these long term unless they go in one direction. THE back and forth up and down kills the ETF. I am in the same boat with UWTI. I need $55 dollars to break even but when I purchased $55 dollars would of made me like $40k, now it will hopefully just make me break even assuming we get to that level. My idea is to keep day trading if you get stuck than wait for it to come around. I mean thats why you are on the long side. IF you are day trading it than you have your % for the day. x % you get out either way up or down.
THE decay will kill you. THE only time decay wont kill you is if it goes in one direction, ITS very rare this will go in one direction. THE shorts got extremely lucky from 100 straight down. I dont think it will be straight up so the decay will get you. I would day trade as much as you can and try to get your money back. IF you take a position and goes sour you are willing to sit on it anyway so why not day trade it.