{"id":4067,"date":"2025-11-12T11:50:47","date_gmt":"2025-11-12T11:50:47","guid":{"rendered":"https:\/\/bullkero.com\/?p=4067"},"modified":"2025-11-22T11:53:26","modified_gmt":"2025-11-22T11:53:26","slug":"futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","status":"publish","type":"post","link":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","title":{"rendered":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads"},"content":{"rendered":"<p><b>Level:<\/b><span style=\"font-weight: 400;\"> Advanced \/ Pro<\/span><\/p>\n<p><b>Core Concept:<\/b><span style=\"font-weight: 400;\"> The futures curve, or term structure, is the plot of futures prices across different contract maturities for a single commodity or index. Its shape\u2014specifically whether it is in contango or backwardation\u2014is not random noise; it reflects the market&#8217;s fundamental expectations, inventory levels, and carrying costs. Advanced traders utilize this structure to generate returns through <\/span><b>calendar spread trading<\/b><span style=\"font-weight: 400;\"> and by understanding the inherent cost or benefit of the <\/span><b>roll yield<\/b><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><b>What is Term Structure and How to Read It<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The <\/span><b>term structure<\/b><span style=\"font-weight: 400;\"> is a visual representation of the prices of futures contracts for a specific underlying asset, arranged sequentially by their expiration date.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Axis:<\/b><span style=\"font-weight: 400;\"> Price is plotted on the Y-axis, and time (expiration date) is plotted on the X-axis.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Fundamental Value:<\/b><span style=\"font-weight: 400;\"> The price of the nearest expiration contract is typically the closest reflection of the current <\/span><b>spot price<\/b><span style=\"font-weight: 400;\"> (the cash market price). Prices for contracts further out represent the market\u2019s expected price at that future date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Market Interpretation:<\/b><span style=\"font-weight: 400;\"> The shape of the curve provides immediate insight into the balance between <\/span><b>supply, demand, inventory levels, and carrying costs<\/b><span style=\"font-weight: 400;\"> (storage, insurance, financing).<\/span><\/li>\n<\/ul>\n<p><b>Contango vs. Backwardation: Causes and Consequences<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The relationship between the near-term price and the far-term price defines the market&#8217;s state.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4068\" src=\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-5-1.png\" alt=\"\" width=\"1024\" height=\"439\" srcset=\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-5-1.png 1024w, https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-5-1-300x129.png 300w, https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-5-1-768x329.png 768w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<h3><b>Contango<\/b><\/h3>\n<p><b>Definition:<\/b><span style=\"font-weight: 400;\"> A market is in <\/span><b>Contango<\/b><span style=\"font-weight: 400;\"> when the futures price of a contract is <\/span><b>higher<\/b><span style=\"font-weight: 400;\"> than the current spot price, and contracts further out are progressively more expensive than those closer to expiration.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cause:<\/b><span style=\"font-weight: 400;\"> This is the <\/span><i><span style=\"font-weight: 400;\">normal<\/span><\/i><span style=\"font-weight: 400;\"> market structure, especially in storable commodities (like gold, oil). The difference in price represents the <\/span><b>cost of carry<\/b><span style=\"font-weight: 400;\">\u2014the expenses incurred for storing, insuring, and financing the physical commodity until the future delivery date.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consequences for Traders:<\/b><span style=\"font-weight: 400;\"> Contango is detrimental to traders who continuously buy the nearest contract and roll it forward, as they are constantly selling the near, cheaper contract and buying the next, more expensive contract.<\/span><\/li>\n<\/ul>\n<h3><b>Backwardation<\/b><\/h3>\n<p><b>Definition:<\/b><span style=\"font-weight: 400;\"> A market is in <\/span><b>Backwardation<\/b><span style=\"font-weight: 400;\"> when the futures price is <\/span><b>lower<\/b><span style=\"font-weight: 400;\"> than the current spot price, and contracts further out are progressively cheaper than those closer to expiration.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cause:<\/b><span style=\"font-weight: 400;\"> Backwardation is considered an <\/span><i><span style=\"font-weight: 400;\">abnormal<\/span><\/i><span style=\"font-weight: 400;\"> structure. It typically signals a <\/span><b>shortage<\/b><span style=\"font-weight: 400;\"> or very high current demand for immediate delivery. Buyers are willing to pay a premium for immediate supply because current inventory levels are low (e.g., immediate necessity outweighs the cost of storing it later).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Consequences for Traders:<\/b><span style=\"font-weight: 400;\"> Backwardation is favorable for continuous long positions, as the rolling process results in a net gain.<\/span><\/li>\n<\/ul>\n<p><b>Calendar Spreads: Long\/Short Different Maturities<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Calendar spread trading is a core strategy that exploits perceived mispricing or expected changes in the term structure. It is a <\/span><b>lower-risk, directional-neutral<\/b><span style=\"font-weight: 400;\"> strategy compared to outright directional futures trading.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mechanism:<\/b><span style=\"font-weight: 400;\"> A calendar spread involves simultaneously <\/span><b>buying one futures contract<\/b><span style=\"font-weight: 400;\"> (e.g., the near month) and <\/span><b>selling another futures contract<\/b><span style=\"font-weight: 400;\"> (e.g., a deferred month) on the same underlying asset. The trade profits not from the direction of the underlying price, but from the <\/span><b>change in the spread<\/b><span style=\"font-weight: 400;\"> between the two contracts.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Contango Spread Trade:<\/b><span style=\"font-weight: 400;\"> If a trader believes the Contango is too wide, they might <\/span><b>sell the deferred month<\/b><span style=\"font-weight: 400;\"> and <\/span><b>buy the near month<\/b><span style=\"font-weight: 400;\">, betting the spread will narrow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Backwardation Spread Trade:<\/b><span style=\"font-weight: 400;\"> If a trader believes the Backwardation is too steep, they might <\/span><b>buy the deferred month<\/b><span style=\"font-weight: 400;\"> and <\/span><b>sell the near month<\/b><span style=\"font-weight: 400;\">, betting the scarcity will ease and the spread will narrow.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Risk Mitigation:<\/b><span style=\"font-weight: 400;\"> Since the trader is long and short the same asset, the trade is less sensitive to sharp directional price swings in the underlying commodity or index.<\/span><\/li>\n<\/ul>\n<p><b>Roll Yield: The Cost or Benefit of Holding Futures<\/b><\/p>\n<p><b>Roll Yield<\/b><span style=\"font-weight: 400;\"> is the profit or loss generated when a trader closes out the expiring near-month futures contract and simultaneously opens a position in the next (deferred) contract month to maintain their market exposure.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4071\" src=\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-6-1.png\" alt=\"\" width=\"1028\" height=\"715\" srcset=\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-6-1.png 1028w, https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-6-1-300x209.png 300w, https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-6-1-1024x712.png 1024w, https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/unnamed-6-1-768x534.png 768w\" sizes=\"auto, (max-width: 1028px) 100vw, 1028px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>The Mechanism:<\/b><span style=\"font-weight: 400;\"> This is the intrinsic cost or benefit of holding a futures position over time.<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>In Contango:<\/b><span style=\"font-weight: 400;\"> The trader sells the near, cheaper contract and buys the deferred, more expensive contract. The roll yield is <\/span><b>Negative<\/b><span style=\"font-weight: 400;\">, acting as a continuous drag on returns. This is often called the \u00abcost of carry.\u00bb<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><b>In Backwardation:<\/b><span style=\"font-weight: 400;\"> The trader sells the near, more expensive contract (closer to the spot premium) and buys the deferred, cheaper contract. The roll yield is <\/span><b>Positive<\/b><span style=\"font-weight: 400;\">, adding a steady stream of passive income to the directional return.<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Impact on ETFs:<\/b><span style=\"font-weight: 400;\"> This is why commodity ETFs (like those tracking oil or natural gas) often underperform the actual spot price of the commodity over time\u2014they are continuously subject to the negative roll yield inherent in a Contango market structure.<\/span><\/li>\n<\/ul>\n<p><b>Examples Across Global Markets<\/b><\/p>\n<h3><b>Crude Oil (WTI and Brent)<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Typical Structure:<\/b><span style=\"font-weight: 400;\"> Oil is often in <\/span><b>Contango<\/b><span style=\"font-weight: 400;\"> because global storage capacity is large, and carrying costs are significant.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Backwardation Signal:<\/b><span style=\"font-weight: 400;\"> Oil flipping into backwardation is a strong indicator of <\/span><b>current supply crunch<\/b><span style=\"font-weight: 400;\"> or geopolitical disruption, signaling immediate demand outweighs future expectations.<\/span><\/li>\n<\/ul>\n<h3><b>Gold and Precious Metals<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Typical Structure:<\/b><span style=\"font-weight: 400;\"> Gold is almost always in <\/span><b>Contango<\/b><span style=\"font-weight: 400;\"> because it is cheap and easy to store, and the cost of carry (interest rates lost on capital) is the primary driver of the curve shape.<\/span><\/li>\n<\/ul>\n<h3><b>Grains and Agriculture (e.g., Corn, Soybeans)<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Volatility:<\/b><span style=\"font-weight: 400;\"> These markets can flip between Contango and Backwardation rapidly due to <\/span><b>seasonal factors<\/b><span style=\"font-weight: 400;\">. Backwardation often occurs just before the harvest season (low inventory, high immediate demand), reverting to Contango post-harvest as inventories are replenished.<\/span><\/li>\n<\/ul>\n<h3><b>Index Futures (e.g., S&amp;P 500 E-minis)<\/b><\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Primary Driver:<\/b><span style=\"font-weight: 400;\"> Index futures are driven primarily by <\/span><b>interest rate parity<\/b><span style=\"font-weight: 400;\">, not physical storage costs. The curve is usually in slight Contango, reflecting the cost of borrowing to buy the underlying assets until the deferred delivery date, minus the expected dividend yield.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Arbitrage:<\/b><span style=\"font-weight: 400;\"> If the spread deviates significantly from the interest rate differential, <\/span><b>cash-and-carry arbitrageurs<\/b><span style=\"font-weight: 400;\"> step in to stabilize the spread.<\/span><\/li>\n<\/ul>\n<h2><b>Conclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The futures curve is far more than a simple pricing tool; it is a <\/span><b>real-time diagnostic map<\/b><span style=\"font-weight: 400;\"> of supply, demand, and market expectations. The sophisticated trader must look beyond the immediate spot price and understand the implications of the <\/span><b>term structure<\/b><span style=\"font-weight: 400;\">. Recognizing whether the market is in <\/span><b>contango<\/b><span style=\"font-weight: 400;\"> (normal state, defined by carrying costs) or <\/span><b>backwardation<\/b><span style=\"font-weight: 400;\"> (abnormal state, defined by immediate scarcity) provides a powerful fundamental edge. Mastery of the curve allows for the implementation of <\/span><b>calendar spread strategies<\/b><span style=\"font-weight: 400;\">, which seek to profit from the narrowing or widening of the time-based price difference. Ultimately, understanding the <\/span><b>roll yield<\/b><span style=\"font-weight: 400;\"> transforms continuous futures exposure from a simple directional bet into a trade where the inherent cost (in contango) or benefit (in backwardation) is fully integrated into the profit equation. This knowledge is essential for capital-efficient trading and managing the hidden expenses of long-term commodity exposure.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Level: Advanced \/ Pro Core Concept: The futures curve, or term structure, is the plot of futures prices across different contract maturities for a single commodity or index. Its shape\u2014specifically whether it is in contango or backwardation\u2014is not random noise; it reflects the market&#8217;s fundamental expectations, inventory levels, and carrying costs. Advanced traders utilize this&#8230;<\/p>\n","protected":false},"author":2,"featured_media":4074,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-4067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trading"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero<\/title>\n<meta name=\"description\" content=\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero\" \/>\n<meta property=\"og:description\" content=\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\" \/>\n<meta property=\"og:site_name\" content=\"Bullkero\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-12T11:50:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-11-22T11:53:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2016\" \/>\n\t<meta property=\"og:image:height\" content=\"1134\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"User\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Escrito por\" \/>\n\t<meta name=\"twitter:data1\" content=\"User\" \/>\n\t<meta name=\"twitter:label2\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutos\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#article\",\"isPartOf\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\"},\"author\":{\"name\":\"User\",\"@id\":\"https:\/\/bullkero.com\/es#\/schema\/person\/a5a2e9b2f253429a18a04064cf6ad0ae\"},\"headline\":\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads\",\"datePublished\":\"2025-11-12T11:50:47+00:00\",\"dateModified\":\"2025-11-22T11:53:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\"},\"wordCount\":1115,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/bullkero.com\/es#organization\"},\"image\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg\",\"articleSection\":[\"Trading\"],\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\",\"url\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\",\"name\":\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero\",\"isPartOf\":{\"@id\":\"https:\/\/bullkero.com\/es#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage\"},\"image\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage\"},\"thumbnailUrl\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg\",\"datePublished\":\"2025-11-12T11:50:47+00:00\",\"dateModified\":\"2025-11-22T11:53:26+00:00\",\"description\":\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.\",\"breadcrumb\":{\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#breadcrumb\"},\"inLanguage\":\"es\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage\",\"url\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg\",\"contentUrl\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg\",\"width\":2016,\"height\":1134},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bullkero.com\/es\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Comercio\",\"item\":\"https:\/\/bullkero.com\/es\/category\/comercio\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bullkero.com\/es#website\",\"url\":\"https:\/\/bullkero.com\/es\",\"name\":\"Bullkero\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/bullkero.com\/es#organization\"},\"alternateName\":\"Bullkero\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bullkero.com\/es?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"es\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bullkero.com\/es#organization\",\"name\":\"Bullkero\",\"url\":\"https:\/\/bullkero.com\/es\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/bullkero.com\/es#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2024\/07\/logo.svg\",\"contentUrl\":\"https:\/\/bullkero.com\/wp-content\/uploads\/2024\/07\/logo.svg\",\"width\":172,\"height\":51,\"caption\":\"Bullkero\"},\"image\":{\"@id\":\"https:\/\/bullkero.com\/es#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/bullkero.com\/es#\/schema\/person\/a5a2e9b2f253429a18a04064cf6ad0ae\",\"name\":\"User\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"es\",\"@id\":\"https:\/\/bullkero.com\/es#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f660ab912ec121d1b1e928a0bb4bc61b15f5ad44d5efdc4e1c92a25e99b8e44a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f660ab912ec121d1b1e928a0bb4bc61b15f5ad44d5efdc4e1c92a25e99b8e44a?s=96&d=mm&r=g\",\"caption\":\"User\"},\"url\":\"https:\/\/bullkero.com\/es\/author\/user\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero","description":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","og_locale":"es_ES","og_type":"article","og_title":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero","og_description":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.","og_url":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","og_site_name":"Bullkero","article_published_time":"2025-11-12T11:50:47+00:00","article_modified_time":"2025-11-22T11:53:26+00:00","og_image":[{"width":2016,"height":1134,"url":"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg","type":"image\/jpeg"}],"author":"User","twitter_card":"summary_large_image","twitter_misc":{"Escrito por":"User","Tiempo de lectura":"6 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#article","isPartOf":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads"},"author":{"name":"User","@id":"https:\/\/bullkero.com\/es#\/schema\/person\/a5a2e9b2f253429a18a04064cf6ad0ae"},"headline":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads","datePublished":"2025-11-12T11:50:47+00:00","dateModified":"2025-11-22T11:53:26+00:00","mainEntityOfPage":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads"},"wordCount":1115,"commentCount":0,"publisher":{"@id":"https:\/\/bullkero.com\/es#organization"},"image":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage"},"thumbnailUrl":"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg","articleSection":["Trading"],"inLanguage":"es","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","url":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads","name":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Bullkero","isPartOf":{"@id":"https:\/\/bullkero.com\/es#website"},"primaryImageOfPage":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage"},"image":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage"},"thumbnailUrl":"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg","datePublished":"2025-11-12T11:50:47+00:00","dateModified":"2025-11-22T11:53:26+00:00","description":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads | Trade over 1000 assets with low fees, secure platforms, and expert insights. Join BullKero to invest, learn, and grow your wealth confidently.","breadcrumb":{"@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads"]}]},{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#primaryimage","url":"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg","contentUrl":"https:\/\/bullkero.com\/wp-content\/uploads\/2025\/11\/futures-curve-and-term-structure-trading.jpg","width":2016,"height":1134},{"@type":"BreadcrumbList","@id":"https:\/\/bullkero.com\/es\/futures-curve-and-term-structure-trading-contango-backwardation-and-spreads#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bullkero.com\/es"},{"@type":"ListItem","position":2,"name":"Comercio","item":"https:\/\/bullkero.com\/es\/category\/comercio"},{"@type":"ListItem","position":3,"name":"Futures Curve and Term Structure Trading: Contango, Backwardation, and Spreads"}]},{"@type":"WebSite","@id":"https:\/\/bullkero.com\/es#website","url":"https:\/\/bullkero.com\/es","name":"Bullkero","description":"","publisher":{"@id":"https:\/\/bullkero.com\/es#organization"},"alternateName":"Bullkero","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bullkero.com\/es?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/bullkero.com\/es#organization","name":"Bullkero","url":"https:\/\/bullkero.com\/es","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/bullkero.com\/es#\/schema\/logo\/image\/","url":"https:\/\/bullkero.com\/wp-content\/uploads\/2024\/07\/logo.svg","contentUrl":"https:\/\/bullkero.com\/wp-content\/uploads\/2024\/07\/logo.svg","width":172,"height":51,"caption":"Bullkero"},"image":{"@id":"https:\/\/bullkero.com\/es#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/bullkero.com\/es#\/schema\/person\/a5a2e9b2f253429a18a04064cf6ad0ae","name":"User","image":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/bullkero.com\/es#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f660ab912ec121d1b1e928a0bb4bc61b15f5ad44d5efdc4e1c92a25e99b8e44a?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f660ab912ec121d1b1e928a0bb4bc61b15f5ad44d5efdc4e1c92a25e99b8e44a?s=96&d=mm&r=g","caption":"User"},"url":"https:\/\/bullkero.com\/es\/author\/user"}]}},"_links":{"self":[{"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/posts\/4067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/comments?post=4067"}],"version-history":[{"count":1,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/posts\/4067\/revisions"}],"predecessor-version":[{"id":4077,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/posts\/4067\/revisions\/4077"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/media\/4074"}],"wp:attachment":[{"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/media?parent=4067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/categories?post=4067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bullkero.com\/es\/wp-json\/wp\/v2\/tags?post=4067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}