PONS OpenDict
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The equilibrium futures price can be either below or above the (rationally) expected future price (backwardation or contango)...
en.wikipedia.org This rolling procedure was adopted given the historical tendency for energy curves to be in backwardation and metal and agricultural forward curves to be in contango.
en.wikipedia.org When near-term futures command a higher price than futures expiring further into the future, the market is in backwardation.
www.marketoracle.co.uk That position was being rolled forward daily, forcing shorts to pay the backwardation price as they too rolled their positions.
in.reuters.com Returns also are rising as more commodities futures move into backwardation, in which nearby prices are higher than forward ones, usually indicating supply shortages.
business.financialpost.com