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

ROLL COSTS: It costs investors 4.53 percent annualized to roll front-month WTI contracts, up slightly from 4.14 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent’s backwardation widened last week.

ROLL COSTS: Investors net 8.76 percent annualized from rolling front-month Brent contracts, up from a net of 7.48 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The natural gas contango widened significantly after the October futures contract expired and November became the front-month contract. The November-to-December roll is currently $0.29, or 170 percent annualized. The market is essentially already pricing in a rally in natural gas to $3.67 in December and $3.82 in January.

ROLL COSTS: It costs investors 170.14 percent annualized to roll front-month natural gas contracts.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold is in mild contango.

ROLL COSTS: It costs investors 0.64 percent annualized to roll front-month gold contracts, down from 0.82 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: Silver is in backwardation at the front end of the forward curve.

ROLL COSTS: Investors net 6.85 percent annualized from rolling front-month silver contracts, down from a cost of 4.53 percent.

BOTTOM LINE: Backwardation to Contango

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

ROLL COSTS: Investors net 3.86 percent annualized from rolling second-month platinum contracts, down from a cost of 1 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Palladium is in mild contango at the very front end of the curve.

ROLL COSTS: It costs investors 0.81 percent annualized to roll front-month palladium contracts, down from a cost of 7.67 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 0.22 percent annualized to roll second-month copper contracts, same as last week.

BOTTOM LINE: Mild Contango to Mild Backwardation

CONTANGO WATCH: The aluminum forward curve is in steady contango.

ROLL COSTS: Front-month roll costs fell to 5.7 percent annualized, down from a cost 0f 8.61 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 5.45 percent annualized to roll front-month zinc contracts, down from a cost of 7.55 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: Investors net 0.66 percent annualized from rolling second-month lead contracts, down from a cost of 3.6 percent.

BOTTOM LINE: Contango to Backwardation to Contango

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

ROLL COSTS: Roll costs for nickel edged down to 1.11 percent from 1.13 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 1.09 percent annualized from rolling front-month tin contracts, down from a net of 1.43 percent.

BOTTOM LINE: Mild Backwardation to Flat

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

ROLL COSTS: It costs investors 1.72 percent annualized to roll front-month corn contracts, up slightly from a cost of 1.62 percent.

BOTTOM LINE: Mild Contango to Backwardation

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

ROLL COSTS: Wheat’s annualized front-month roll costs rose to 4.9 percent from 4.55 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 0.85 percent annualized to roll front-month soybeans contract, up from a cost of 0.28 percent.

BOTTOM LINE: Mild Contango to Backwardation

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

ROLL COSTS: It costs investors 19.32 percent annualized to roll front-month live cattle contracts, up from a cost of 14.96 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 66 percent annualized to roll second-month lean hogs contracts, up from a net of 6.36 percent.

BOTTOM LINE: Backwardation to Contango to Backwardation

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

ROLL COSTS: It costs investors 8.94 percent annualized to roll front-month coffee contracts, down from a cost of 9.78 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 2.46 percent annualized to roll front-month cocoa contracts.

BOTTOM LINE: Contango

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

ROLL COSTS: Investors net 0.29 percent annualized from rolling front-month sugar contracts.

BOTTOM LINE: Mild Backwardation to Contango

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

ROLL COSTS: It costs investors 5.65 percent annualized to roll front-month cotton contracts.

BOTTOM LINE: Contango