Backwardation, Contango, Confused, Futures, And All That Jazz -- July 2, 2018

Finally, after ten years of blogging, I've finally thrown in the towel and decided it's time to try to figure out this stuff: futures, contracts, contango (normal); backwardation (abnormal). [Normal/abnormal as is applies to a depleting resource like crude oil.] I've gotten some great help from at least four readers, and one reader in particular. Thank you very much.

I've linked "crude oil futures" at the sidebar at the right, as well as at my "Data Links" page.

At the sidebar at the right, just below the poll(s).

I know 0.000001% of any of this, so if this is important to you, go to some other source. I assume I will make typographical and factual mistakes -- probably  many of the latter. Don't let me know about typographic errors unless it makes a huge difference in the post. However, if there are "factual errors" / errors in content, please let me know ASAP (as soon as possible). If it's a really, really big error in content, let me know STAT (that's even faster).

Rumor has it the terms "backwardation" and "contango" came from an economist's dream.