contango

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“
The crude futures market is now in what oil traders call a "contango" - in which oil delivered in the next few weeks is cheaper than in the following months.

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  1. On the London stock exchange, the charge made by a broker for carrying over a bargain to the next fortnightly settling-day; the consideration paid by the buyer of stock for the privilege of deferring settlement until the next settling-day. Contango is just the opposite of backwardation, for it is used to denote the rate which is charged if one cannot pay for the stock one has purchased on the settling day, and so postpones the payment until the next account. N. and Q., 6th ser., XI. 458.
  2. Contango day the day on which contangos are fixed; the second day before settling-day. Also called continuation day.

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