Oil, gas, and other products that keep the world flowing

Hi,

Me again, sorry for the spam of these questions, am just keen in understanding the basics.

My understanding:

Contango is when the future/forwards price is above the spot price and conversely backwardation is when the future/forwards price is below the spot price.

Contango occurs normally, due to the cost of carry nature of futures pricing, if i want to buy physical oil now, that will include costs like storage, insurance, opportunity cost, which is factored into the futures price, thus its higher than the spot.

However, backwardation is where it is more expensive to buy the commodity now rather than have it be delivered [x] months away. This is primarily due to supply & demand pressures. So for example, if war broke out in OPEC's, people would be scared about short term shortages, demand would increase, spot price would increase, however longer term futures price wouldnt move as much as people would expect the supply & demand to balance out in the future, hence spot > futures price.

Any flaws in my understanding?

Thing im confused about is:

-> if one or the other is clearly a bullish / bearish indicator.

-> Can you have an upwards trending spot price with an upwards trending futures price which is below the spot price? Would this be some weird backwardation? or does this never happen?