commodities

commodities

roll yield	positive
contango/backwardation	backwardation futures price > "full carry" price As the contract approaches expiration, the futures contract will trade at a higher price compared to when the contract was further away from expiration. (convenience yield > risk free rate)
price level	(may be) historic low
price volatility	volatile
producers	Concerned that prices will fall further, to an unprofitable level. Will accept less that the "full carry" price in order to hedge price risk.