Using the same futures contract, use either the CME or an alternative site such as

Barchart.com and Investing.com to download data for the next $12$ months of futures

prices. Choose your own date to download data.

$$ Explain what the pattern of futures prices currently indicates.

$$ Explain the difference between contango and backwardation. Is the futures

market you have selected currently in contango or backwardation?

$$ Assume the term structure of the chosen futures contract goes from

backwardation into contango $($or vice versa$)$ during the second half of $2024.$

Evaluate the main implications of this change for traders, consumers, and

suppliers.

$$ Analyse any three $(3)$ news events that have impacted the futures curve in the

past year. Discuss briefly how futures traders could have traded those news

events.