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Trading Operations3 essays

A running series on the operational backbone of commodity trading: freight, demurrage, market structure, and the data discipline that separates good desks from great ones.

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The Trading Professional6 essays

A six-part series on building a durable career in commodity trading: future-proofing your skills in an AI-first market, moving from trader to desk head, navigating ETRM vendors, reading the room, and building the reputation and judgment that compound over decades.

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Contango vs Backwardation: What the Curve Is Actually Telling You
Trading, Business & Finance

Contango vs Backwardation: What the Curve Is Actually Telling You

The shape of the forward curve is the market's most honest sentence. What contango and backwardation really mean, how carry trades work, and the roll cost that quietly eats positions.

Anish PujariAnish PujariSep 3, 2026 4 min read