Commodity Trading Glossary

The concepts behind the toolkit

Plain-English explainers for the futures-market ideas Commodity Hub's tools are built around — each one links to the live tool that shows it in action.

Contango vs. Backwardation, Explained

What the two shapes of a futures curve mean, why the curve shifts between them, and how roll yield affects anyone holding a position through expiry.

What Is the COT Report?

How the CFTC's weekly Commitment of Traders report breaks down commercial and speculative positioning, and why crowded positioning is a warning sign.

What Is a Crack Spread?

How the crack spread isolates a refiner's margin between crude oil and its products, and what widens or narrows it.

Commodity Seasonality, Explained

Why commodities like natural gas, gasoline, grains, and livestock follow recurring calendar-driven price patterns — and how to use that without overfitting it.