RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Some HelpNot sure how you got to ~$25 as a move from $23 - $45 is about 100% move (200% at 2x) which would take the price to ~$18-20.
The trouble with the reference points you are using is that when the first month WTI was $45-50 I do not know off hand what the 2 or 3 month out contract was trading at to know what the relevent starting point for the decrease. But in concept. It takes a significantly higher return to make up a for a loss when dealing in percentages (remember that this is not a share per say).
eg a $100 stock that loses 50% is worth $50. the $50 stock needs to go up by 100% to get back to $100.
This is tricky to trade as the contracts expire each month and the fund rolls into the next contract which could have different pricing and thus the forward gains that can be made are affected