Swanand

It seems like backwardation is a sign of declinging conditions, or at least prices (since future prices are expected to decrease).  However, CPK, you make it sound like it’s a sign of increasing future prices.  Perhaps my generality is misguided, but is there a general sense of what backwardation (or contango) means for that in relation to the industry or even economy?  Good or bad sign of things to come?
Also, when you say converge, does that mean both the spot and futures prices move and converge or just he futures?
Thank you!