来自《耶鲁大学开放课程：金融市场 第22集 第22集》

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  Storage costs for oil are substantial;
  原油的存储成本非常可观
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  this is a thick, bulky commodity.
  原油罐又大又笨重
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  You've got to have one of those storage tanks;
  你得把原油储存到原油罐中
• 
  
  you see them out there in New Haven Harbor.
  纽黑文港就能看到那些原油罐
• 
  
  They cost money; it's expensive to store,
  它们开销大 储存成本高
• 
  
  so storage costs are not negligible for oil;
  因此原油的存储成本不容忽视
• 
  
  plus, interest rates are positive.
  加上正的利率
• 
  
  We would think that oil should have contango normally.
  因此原油一般为期货溢价
• 
  
  Its price should be going up,
  就是说交割日越久期价越高
• 
  
  but very frequently oil is not in contango;
  但原油期货很多时候都不表现为期货溢价
• 
  
  right now it is not.
  这里就不是
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  You can see that oil prices are lower by October,
  根据期货市场行情