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No, it's not a dance craze. Contago is a condition of supply and demand, essentially a fancy word to say that prices for items, typically commodities, are cheaper now than they would be at some point down the line.
Anything that¿s sold in the futures market can be in a case of contango. Futures are exactly that: a contract to buy an item or asset at a price in the future. This is the case with oil, with traders buying and selling contracts to acquire a barrel of oil in months down the line. When a market is in contango, spot prices, or the price of a commodity if you were to buy it right now, are lower than forward prices.
Why is that important? Well, it usually tells you the supply of a given commodity is plentiful (since, according to Economics 101, a large supply usually leads to cheap prices).
Incidentally, if you think contango is a mouthful, its opposite condition is known by the equally tongue-tying term backwardation.
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Saturday, May 17, 2008
PHOTO ADVISORY -- Sundance Photographic Workshops
Comtex
May 17, 2008 /PRNewswire via COMTEX/ ----Editors are advised that a high-resolution photo is available to accompany the news release, NESA002, Sundance Photographic Workshops Supporting China and Burma Disaster Relief, issued earlier today by Sundance Photographic Workshops.
Caption: "Myanmar Reflection" was shot by American photographer Nevada Wier prior to the country's devastating cyclone. Wier, an instructor at the Sundance Photography Workshops in Utah, has shot extensively in Myanmar, throughout Asia, and far-reaching corners of the world. Sundance Photography Workshops is donating $100 per student at its August 2008 sessions for China and Myanmar relief efforts. (PRNewsFoto)
Members of the media may download the photo at no charge from the following online archives:
-- NewsCom: http://www.newscom.com/cgi-bin/prnh/20080517/NESA002
-- AP Archive Topic Gallery: http://photoarchive.ap.org
For more information on the photo, or on gaining access to the archives, media may contact the PR Newswire Photo Desk at photodesk@prnewswire.com .
SOURCE Sundance Photographic Workshops
Copyright (C) 2008 PR Newswire. All rights reserved
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