The speaker provides a detailed overview of the price movements of futures contracts. These concepts are known as contango and backwardation; he further goes on to cover Normal Contango and Normal Backwardation. He also discusses how different commodities have different seasonality which can result in a backwardation
Video explaining why futures prices are different from forward prices even if the underlying assets and terms of both are the same.
Similar to a futures contract, a forward contract is an agreement for the future delivery of a specified amount of goods at a predetermined price and date.