Last, it is worth mentioning that 20 of the 24 commodities are in contango. Although this is the highest number since Nov. 2013, there have been 23 other months in history where 20 or more commodities have been in contango together. However, November is the worst month on average of any of the twelve months for having the most commodities in contango. It is the only month that has more than half on average (12.4) in contango, and of the 24 months in history having 20 or more commodities in contango, 7 have occurred in the month of November. Contango has had a significant cost, erasing almost an additional ten years of gains, for commodity investors rolling the first nearby most liquid contracts. Notice the spot index is only at the Feb. 2009 level, while the total return is at the Jun. 1999 level.

Source: S&P Dow Jones Indices

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