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

ROLL COSTS: It costs investors 5.63 percent annualized to roll front-month WTI contracts, up slightly from a cost of 5.41 percent.

BOTTOM LINE: Contango

CONTANGO WATCH: Brent's backwardation widened last week as prices rose to three-week highs. The European oil benchmark remains superior to its U.S. counterpart, WTI, for investors looking for exposure to crude prices.

In addition to upside from a potential rise in front-month prices, investors gain an annualized roll yield of 11 percent by holding Brent contracts and rolling them over. That's in contrast to WTI, where it costs more than 5 percent to roll front-month contracts.

ROLL COSTS: Investors net 11.07 percent annualized from rolling front-month Brent contracts, up from a net of 8.30 percent.

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 142.05 percent annualized to roll front-month natural gas contracts, down from a cost of 177.89 percent.

BOTTOM LINE: Steep Contango

CONTANGO WATCH: Gold is in mild contango.

ROLL COSTS: It costs investors 0.62 percent annualized to roll front-month gold contracts, down slightly from a cost of 0.64 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: It costs investors 1.27 percent annualized to roll front-month silver contracts, down from a net of 10.90 percent.

CONTANGO WATCH: The platinum forward curve is close to flat at the very front end of the curve.

ROLL COSTS: Investors net 0.1 percent annualized from rolling front-month platinum contracts, up from a cost of 0.09 percent.

BOTTOM LINE: Flat to Mild Contango

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

ROLL COSTS: Investors net 0.31 percent annualized from rolling front-month palladium contracts, up from a cost of 0.62 percent.

BOTTOM LINE: Mild Backwardation to Mild Contango

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

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

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Front-month roll costs fell to 7.35 percent annualized, up from a cost of 6.46 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 8.3 percent annualized to roll front-month zinc contracts, up from a cost of 6.29 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: Investors net 0.56 percent annualized from rolling front-month lead contracts from zero.

BOTTOM LINE: Mild Backwardation to Mild Contango

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

ROLL COSTS: Roll costs for nickel edged up to 1.49 percent from 1.32 percent.

BOTTOM LINE: Mild Contango

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

ROLL COSTS: Investors net 0.56 percent annualized from rolling front-month tin contracts, up from a cost 0f 0.27 percent.

BOTTOM LINE: Mild Backwardation

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

ROLL COSTS: Investors net 0.27 percent annualized from rolling front-month corn contracts, up from a cost of 0.14 percent.

BOTTOM LINE: Backwardation

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

ROLL COSTS: Wheat's annualized front-month roll costs rose to 5.52 percent from 5.11 percent.

BOTTOM LINE: Contango to Backwardation

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

ROLL COSTS: Investors net 0.3 percent annualized from rolling front-month soybeans contracts, down from a cost of 1.07 percent.

BOTTOM LINE: Backwardation

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

ROLL COSTS: It costs investors 19.88 percent annualized to roll front-month live cattle contracts, up from a cost of 18.11 percent.

BOTTOM LINE: Contango

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

ROLL COSTS: It costs investors 58.74 percent annualized to roll front-month lean hogs contracts, up from a cost of 51.08 percent.

BOTTOM LINE: Contango to Backwardation

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

ROLL COSTS: It costs investors 11.66 percent annualized to roll front-month coffee contracts, up from a cost of 9.63 percent.

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

ROLL COSTS: It costs investors 2.58 percent annualized to roll front-month cocoa contracts, up slightly from 2.38 percent.

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

ROLL COSTS: Investors net 0.89 percent annualized from rolling front-month sugar contracts, down from 1.39 percent.

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

ROLL COSTS: It costs investors 3.06 percent annualized to roll front-month cotton contracts, down from a cost of 4.83 percent.

BOTTOM LINE: Contango