Backwardation

"Backwardation occurs when the futures price of an asset trades below the expected future spot price for that asset. A downward-sloping futures curve reflects this relationship, with shorter-dated futures contracts priced higher than longer-dated ones.

Backwardation is less common for a futures curve. For futures tied to measures of volatility, backwardation can be a sign that concern about immediate risks is plaguing investors' minds. In commodity futures, backwardation can be sparked by geopolitical instability or strong near-term demand."

Source: https://www.schwab.com/learn/story/contango-and-backwardation-explained