CONTANGO WATCH: WTI is in contango through the first half of the one-year forward curve.

ROLL COSTS: The front-month roll fell to 3.7 percent annualized from 4.32 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Brent's backwardation widened slightly last week. The European oil benchmark has been in steady backwardation since the beginning of 2011, boosting investor returns. In that period, front-month Brent futures are up 22 percent, while the United States Brent Oil Fund (BNO)—which holds front-month futures but must roll its contracts month after month—is up 32 percent.

As long as the Brent forward curve remains in backwardation, a fund like BNO should outperform Brent itself.

ROLL COSTS: Investors net 5.42 percent annualized from rolling front-month Brent contracts.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The natural gas contango narrowed, but remained in steep contango, as is typical during this time of the year.

ROLL COSTS: It costs investors 79.59 percent annualized to roll front-month natural gas contracts, down from 90.87 percent.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold is in mild contango.

ROLL COSTS: It costs investors 0.95 percent annualized to roll front-month gold contracts, down from 1.01 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Silver is in mild backwardation and mild contango throughout most of the forward curve.

ROLL COSTS: Investors net 4.74 percent annualized from rolling second-month silver contracts, up from a cost of 3.85 percent.

BOTTOM LINE: Mild Contango to Mild Backwardation

CONTANGO WATCH: Platinum is in mild contango at the front end of the forward curve.

ROLL COSTS: It costs investors 0.66 percent annualized to roll front-month platinum contracts, up from 0.38 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Palladium is in backwardation at the very front end of the curve, and contango thereafter.

ROLL COSTS: It costs investors 4.43 percent annualized to roll second-month palladium contracts, down from a net of 4.16 percent.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Copper is in mild contango throughout most of the one-year forward curve.

ROLL COSTS: It costs investors 0.79 percent annualized to roll front-month copper contracts, up from a cost of 0.38 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The aluminum forward curve is in backwardation at the very front end of the curve, and contango thereafter.

ROLL COSTS: Second-month annualized roll costs moved up to 8.28 percent from 8.22 percent the week before.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Zinc is in contango across the one-year forward curve.

ROLL COSTS: It costs investors 7.69 percent annualized to roll front-month zinc contracts, up from a cost of 5.82 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Lead is in contango across most of the one-year forward curve.

ROLL COSTS: It costs investors 2.54 percent annualized to roll front-month lead contracts, down from 3.20 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Nickel is in mild contango throughout the forward curve.

ROLL COSTS: Roll costs for nickel edged down to 0.88 percent from 1.62 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The tin forward curve is in mild backwardation at the front end of the curve and flat thereafter.

ROLL COSTS: Investors net 0.83 percent annualized from rolling front-month tin contracts, up from zero.

BOTTOM LINE: Mild Backwardation to Flat

CONTANGO WATCH: Corn is in contango at the front end of the curve.

ROLL COSTS: It costs investors 2.1 percent annualized to roll front-month corn contracts, up from 1.51 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Wheat's contango widened slightly last week.

ROLL COSTS: Wheat's annualized front-month roll costs rose to 5.16 percent from 4.7 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Soybeans is in mild contango at the front end of the curve and backwardation thereafter.

ROLL COSTS: It costs investors 0.62 percent annualized to roll front-month soybeans contracts, up from a net of 0.17 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: The live cattle curve is in contango across most of the one-year forward curve.

ROLL COSTS: It costs investors 14.37 percent annualized to roll front-month live cattle contracts, up from 13.51 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: The front end of the lean hogs forward curve is in backwardation.

ROLL COSTS: Investors net 1.01 percent annualized from rolling front-month lean hogs contracts, down from a net of 6.94 percent.

BOTTOM LINE: Mild Backwardation to Contango

CONTANGO WATCH: Coffee is in contango throughout the one-year forward curve.

ROLL COSTS: Investors net 8.58 percent annualized from rolling front-month coffee contracts, up from 8.28 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Cocoa is in contango across most of the one-year forward curve.

ROLL COSTS: It costs investors 2.17 percent annualized to roll front-month cocoa contracts, up from a cost of 0.92 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Sugar is in contango at the front end of the curve.

ROLL COSTS: It costs investors 9.5 percent annualized to roll front-month sugar contracts, up from 6.35 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Cotton is in contango throughout the one-year forward curve.

ROLL COSTS: It costs investors 3.66 percent annualized to roll front-month cotton contracts, down slightly from 3.70 percent.

BOTTOM LINE: Contango