Glossary

Futures Roll

Closing a futures contract that is about to expire and opening the same position in a later month, so exposure continues. The roll costs money in contango and gains in backwardation. December Brent expires on October 30, 2026; at the October 23 settle it traded $5.02 above January, so a front-month chart rolling at those prices would step down by about $5 with no real trade at that level.