Contango and Backwardation explained by greenhorn

http://greenhornfinancefootnote.blogspot.com/2009/11/contangobackwardation-and-normal.html

" 總結來說Current spot price與Futures price間的差異，決定期貨是在Contango 或Backwardation狀態。

Expected future spot price與Futures price間的差異，決定期貨是否有Normal backwardation。"