It is simply so oversold that it in the near term it will vastly outperform most other assets. There's simply a limit to how low it can get before it bottoms.
No, WTI ( USOIL ) isn't going to $20 in the near term yet. I do see a possibility of it testing $48~51 range again.
Seadrill Limited ( SDRL )
Almost 20% away from the lows made in 2009.
Price have not recover the slightest bit despite oil price recovering recently. Near term target is $9.5 range.
Best of the 3 drillers and current price is a huge bargain here! I am accumulating this at current levels.
Transocean LTD (RIG)
Price recovered 27% from the recent lows.
Not much opportunity unless you're going to hold it for over a year, a recovery to $26 is almost entirely possible. I would wait for a retest of $12 to pick this up.
Diamond Offshore Drilling Inc (DO)
Keep a lookout for $17~19 level for longs. I don't see much demand in this relative to SDRL and RIG yet.
Good luck :) and have a good trade.