• Contango — Later months trade above the front month; the market expects higher prices over time. Roll yield is typically negative for long positions when you roll forward.
• Backwardation — Later months trade below the front month; often reflects tight nearby supply or strong demand. Roll yield can be positive for longs when rolling.
• Curve shifts — Comparing today’s curve to recent weeks helps you see changes in supply/demand expectations and carry.
• Roll timing — The slope of the curve directly affects the cost or benefit of rolling from one contract to the next.

Read more about the futures price curve (MenthorQ) →