Backwardation

[Sarah]

The seller's postponement of delivery of stock or shares, withthe consent of the buyer, upon payment of a premium to the latter; --also, the premium so paid. See Contango. Biddle.

[Becky]

a situation in which the price of a commodity (= a product, such as oil or a metal, that is traded in large quantities) is lower if the buyer is to receive the commodity at a future date than it is if the buyer receives it immediately: