When renting a ship to anchor it offshore makes sense (and cents!)

Contango and Backwardation are two terms that confuse many students. But with today's oil markets giving us an historic (and memorable!) example of contango, I trust many more will remember it going forward.First the fast definitions: (want a better definition? see Investorwords.com)Contango: when futures price is higher than spot priceBackwardation: when spot price is higher than futures