Here's a post from a few weeks ago. The author suggests that since crude oil was in 'super' contango at the time of the post, there was a problem going long crude oil futures. He said "the problem with futures contract now for long term position is the super contango we have with crude right now. The price of the 2010 contract is more like $60 now rather than $4x the spot is. So you have to pay $60 if you want to go long term. http://www.elitetrader.com/vb/showthread.php?s=&postid=2275848#post2275848 I'm going to swallow my pride and admit that I don't understand this at all (my futures trading has always been very short term). The QM closed at $40.17. If I wanted to go long crude oil for the longer term on Friday, could I not just buy 1 contract at that price? If the spot price goes up, will the contract not increase in relatively the same manner because of something to do with the excessive contango? How am I paying $60 when I go long 1 contract of the QM trading at $40 today? Is the problem here the effect that a reversal of contango will have on the price? That is, does contango create a situation where although the QM is trading at $40.17, it 'really isn't' because the retreat from super contango will cause a drop in the front-month price? I was expecting a flurry of questions when this post went up (in a thread which discussed the best way to go long crude) but none came. I was assuming that going long a futures contract and simply rolling it over was the best way to go long oil (given sufficient margin). What am I missing? By the way, I would like to go long somewhere below today's levels.