CONTANGO WATCH: Despite spiking prices and a shortage of gasoline, crude oil prices held relatively firm last week. The U.S. benchmark, WTI, remains in steady contango.

As refineries shut down from planned and unplanned outages, demand for crude oil falls in the short term, pressuring prices. On the other hand, product prices—particularly gasoline prices—have rallied aggressively higher and the benchmark RBOB contract on the CME is in steep backwardation with roll yields near 190 percent annualized.

ROLL COSTS: It costs investors 5.41 percent annualized to roll front-month WTI contracts.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent's backwardation narrowed last week.

ROLL COSTS: Investors net 8.3 percent annualized from rolling front-month Brent contracts, down from 8.76 percent.

BOTTOM LINE: Backwardation

CONTANGO WATCH: The natural gas contango widened, remaining at extremely steep levels.

ROLL COSTS: It costs investors 177.89 percent annualized to roll front-month natural gas contracts, down from 170.14 percent.

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, same as last week.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Investors net 10.9 percent annualized from rolling front-month silver contracts, up from a net of 6.85 percent.

BOTTOM LINE: Backwardation to Contango

CONTANGO WATCH: Platinum is in contango.

ROLL COSTS: It costs investors 0.09 percent annualized to roll front-month platinum contracts, down from a net of 3.86 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 0.62 percent annualized to roll front-month palladium contracts, down from a cost of 0.81 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 0.14 percent annualized to roll front-month copper contracts, down from a cost of 0.22 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Front-month roll costs rose to 6.46 percent annualized, up from 5.70 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 6.29 percent annualized to roll front-month zinc contracts, up from 5.45 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors nothing annualized to roll second-month lead contracts, down from a net of 0.66 percent.

BOTTOM LINE: Flat to Contango

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

ROLL COSTS: Roll costs for nickel edged up to 1.32 percent from 1.11 percent.

BOTTOM LINE: Mild Contango

CONTANGO WATCH: The tin forward curve is in mild contango in the front half of the curve and mild backwardation thereafter.

ROLL COSTS: It costs investors 0.27 percent annualized to roll second-month tin contracts, down from a net of 1.09 percent.

BOTTOM LINE: Mild Contango to Mild Backwardation

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

ROLL COSTS: It costs investors 0.14 percent annualized to roll front-month corn contracts, down from a cost of 1.72 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 5.11 percent from 4.9 percent.

BOTTOM LINE: Contango to Backwardation

CONTANGO WATCH: Soybeans is in mild backwardation across the one-year forward curve.

ROLL COSTS: Investors net 1.07 percent annualized from rolling front-month soybeans contracts, up from a cost of 0.85 percent.

BOTTOM LINE: Mild Backwardation

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

ROLL COSTS: It costs investors 18.11 percent annualized to roll front-month live cattle contracts, down from a cost of 19.32 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 51.08 percent annualized to roll second-month lean hogs contracts, down from a cost of 66 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 9.63 percent annualized to roll front-month coffee contracts, up from a cost of 8.94 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 2.38 percent annualized to roll front-month cocoa contracts, down from a cost of 2.46 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: Investors net 1.39 percent annualized from rolling front-month sugar contracts, up from a net of 0.29 percent.

BOTTOM LINE: Mild Backwardation to Contango

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

ROLL COSTS: It costs investors 4.83 percent annualized to roll front-month cotton contracts, down from a cost of 5.65 percent.

BOTTOM LINE: Contango