RE:WTI - ContangoYou are misreading it, my friend. The forward strip has historically been a poor indicator of future prices. All that is happening is that oil companies are hedging future production.
Look at their 2018 capex plans. Many of them have already hedged 30-60% of their production.
Once their books are fully hedged, you'll see forward prices start to rise.
Many hedged too early, around $50 - $52. Look at PXD's hedgebook and EOG's. Look at BTE's statement today, 1/3 is hedged at $51.50.