Real World Markets

Delayed last · as of 07:17 UTC

Delayed last · public tape · as of 07:17 UTC. Delayed last. Not a quote. Not an order.

Markets · 20 min

Futures vs the goods last

CL is a contract, not the pump. GC last is a contract, not a -shop ounce. Contango and backwardation in classroom words. This classroom shows . It does not roll a contract for you. Look. Do not buy. Not a broker. is fake. Delayed last is a , not a coupon.

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Lesson 1 of 4 · 0/4 read · quiz locked

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Classroom copy as of 8 September 2026.

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  • Name a futures last as a contract, not the physical good
  • Say contango and backwardation without a trade
  • Refuse a roll as something this classroom will do

Read first: Commodities: goods, not tickers

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Lesson 1 / 4 · 5 min · take your time

CL last is a contract, not the pump

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Board 01

CL last is a contract, not the pump

WTI on this board is taught as a futures — CL, the usual front-month contract people point at. Nominative: those marks stay with the exchange and the owners. Last is two people agreeing on a contract. It is not diesel in a tank. It is not a pump price in Denver.

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WTI on this board is taught as a futures — CL, the usual front-month contract people point at. Nominative: those marks stay with the exchange and the owners. Last is two people agreeing on a contract. It is not diesel in a tank. It is not a pump price in Denver.

A contract has a size, an expiry, and a delivery rule you have not signed. here is a look. We do not take delivery. We do not store a barrel.

Look. Do not buy. Not a broker. is fake. is a , not a coupon.

See it on the board: WTI crude

Say it back below. Then the next lesson opens. If you leave the page, we will ask to save your spot.

Ask the Professor

LOOK DON'T BUY

Delayed public last when the feed is up — a number to look at, never a ticket. Paper results are hypothetical and have no cash value. Not a broker-dealer. Not a CASP or money transmitter. You cannot buy here.

Not directed at children under 13.

Passing a quiz is not a qualification or a license. The Professor will not tell you what to buy.

Delayed last. Not a broker. Lessons free. Read the full rules

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© 2026 Real World Markets™. Original classroom copy, software, World Circuit, and house marks are ours. ™ is our claim on the name — not a USPTO registration. See Marks.