====== Forward ======

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There was no forward business, no futures, nothing.

===== Forward Curve =====

The forward curve is simply the <wrap hi>price relationship between different contracts months at a point in time</wrap>. The prices could represent futures contracts or even physical forward contracts calling for delivery of a commodity.

<wrap hi>When prices of subsequent futures contracts are charted</wrap> a so-called forward curve is created.

I tend to <wrap hi>use 2nd-3rd to avoid delivery squeezes distorting the long-term charts</wrap>. But, evidently, better to look at particular months where the hedging (and OI) accumulates. But <wrap hi>for a long continuation chart, a 2nd-3rd, typically shows the trend</wrap>.

function of all futures prices at a specific moment in time[(:ref:jong-introduction-trade-finance)]

price curve exists of today's spot, 3M, 6M and 12M prices plus all other futures dates[(:ref:jong-introduction-trade-finance)]

the curve reflects what the market thinks today of a commodity price in the future[(:ref:jong-introduction-trade-finance)]