Could be a few things - burnt valve, blown headgasket, crack in the block, crack in the head, piston has a hole in it, rings are super super bad, etc...
I'd say you could check for a crack by using a block sniffer or something, or see if there's water in the oil, oil in coolant, etc... but I don't see a point. Whatever it is needs to be fixed, and it's not going to be fixed without invasive operations - taking the head off.
If you're sure it only has 15psi, that warrants taking the valve cover off at least. see if there's anything you can see up there, likely not, so take the head off. It doesn't take up much time to remove the head from a slant six. I do it what seems like every six months to do something. Once the head is up, look at the head gasket when you take it off - see if there's an obvious breakage at that cylinder. If not, look at the head - flip it over and see if there is a crack on that cylinder, or if the valves are burnt, dropped, etc... Then if none of those is the case, or you can't tell, put a straight edge on the head and see if it is flat. I've had mine warp before, and you look at the block and head and nothing's wrong, but then take it to a machine shop to find out it was warped.
That would be a good place to start then report back.