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Normal Backwardation vs Backwardation

can someone explain?

Spot > Forward = backwardation


Expected spot > forward = normal backwardation

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There was a case last year where I think both inequalities were true, and everyone got it wrong. Something like, S0 < F0 and F0 < E(S0)?

Do the search and post here please.

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+1

"Expected" then "normal" otherwise just contango or backwardation depending on what future price is

- Guille

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