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Contango is a situation in which the futures price (or forward price) of a commodity is higher than the expected spot price of the contract at maturity. [1] In a contango situation, arbitrageurs or speculators are "willing to pay more [now] for a commodity [to be received] at some point in the future than the actual expected price of the ...
The opposite market condition to normal backwardation is known as contango. Contango refers to "negative basis" where the future price is trading above the expected spot price. [3] Note: In industry parlance backwardation may refer to the situation that futures prices are below the current spot price. [4]
The concept started to be used by oil traders in the market in early 1990. [2] But it was in 2007 through 2009 that the oil storage trade expanded. [6] Many participants—including Wall Street giants, such as Morgan Stanley, Goldman Sachs, and Citicorp—turned sizeable profits simply by sitting on tanks of oil. [5]
Though WTI crude ETF USO may benefit from the recent structural changes, USL and DBO appear as better bets due to their original investment objectives amid the ongoing pain in the oil patch.
For example, Player 1 might propose that they play (A, X) in the first round. If Player 2 complies in round one, Player 1 will reward them by playing the equilibrium (A, Z) in round two, yielding a total payoff over two rounds of (7, 9). If Player 2 deviates to (A, Z) in round one instead of playing the agreed-upon (A, X), Player 1 can threaten ...
The results for misère play are now conjectured to follow a pattern of length six with some exceptional values: the first player wins in misère Sprouts when the remainder (mod 6) is zero, four, or five, except that the first player wins the one-spot game and loses the four-spot game. The table below shows the pattern, with the two irregular ...
A formula game is an artificial game represented by a fully quantified Boolean formula such as …. One player (E) has the goal of choosing values so as to make the formula ψ {\displaystyle \psi } true, and selects values for the variables that are existentially quantified with ∃ {\displaystyle \exists } .
The probability the gambler does not lose all n bets is 1 − q n. In all other cases, the gambler wins the initial bet (B.) Thus, the expected profit per round is () = (()) Whenever q > 1/2, the expression 1 − (2q) n < 0 for all n > 0. Thus, for all games where a gambler is more likely to lose than to win any given bet, that gambler is ...