Contango is a situation where the futures price of a commodity is higher than the spot price.
Otherwise known as a congested supply chain. The meaning is deflation in CPI coming again. That also means lower than expected growth, at least lower than a bunch of Saudi ministers thought.
The supply lines are congested because oil today is cheaper than oil tomorrow so the supply chain slows down. That is prices today are lower than expected, the deflation has to work through even though we eventually get prices back up.
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