The more I read into this on the internet, the more I got confused
I understand that Contango is basically where futures price is above the expected spot price, and backwardation is the opposite.
However, can someone explain why the two graphs for contango are shaped opposite?
http://i.investopedia.com/inv/articles/site/CT-Contango2.gif (contango shaping down)
http://www.cboeoptionshub.com/wp-content/uploads/lithium/1412_vix-contango-curve.jpg (contango shaping up)