Forward Contract Introduction Futures Introduction Motivation for future exchange Future margin mechanics Verifying hedge with future margin mechanics Futures and forward curves Contango from trader perspective Severe contango generally bearish Backwardation bullish or bearish Futures curves II Contango Backwardation Contango and backwardation review Upper bound on forward settlement price Lower bound on forward settlement price Arbitraging futures contract Arbitraging futures contract II Futures fair value in the pre-market Interpreting fair value in the pre-market