# Block 044 — Commodities term structure + inventories

**Status:** ○ queued
**Phase:** Phase 1 (Commodities)

## Topic scope

Contango and backwardation mechanics. Inventory theory of term structure. Convenience yield. Roll yield.

## Plan

_(Filled at session close of prior block, per 2026-06-23 convention.)_

## Carry-forward to next block

_(Filled at session close.)_