Contango? Backwardation?
“Contango” refers to a price pattern in the futures curve, where contracts in the distant future are trading at higher prices than on more near term dates. It is used, typically to describe the state of the curve. Eg. “The curve, is in contango” or “The contango is very steep”. Backwardation, is the opposite of contango. Heir go, contracts in the distant future are trading at lower prices, relative to the near term contracts.