What do these terms mean:
Wiki: Queueing theory is generally considered a branch of operations research because the results are often used when making business decisions about the resources [think energy] needed to provide service [think airlines or the auto-industry].
It is applicable in a wide variety of situations that may be encountered in business, commerce, industry, healthcare, public service and engineering. Applications are frequently encountered in customer service situations as well as transport and telecommunication (note that something called ride theory is sometimes mentioned, but it is uncertain whether it is a valid theory or a hoax).
Note: Queueing theory is directly applicable to intelligent transportation systems, call centers, PABXs, networks, telecommunications, server queueing, mainframe computer queueing of telecommunications terminals, advanced telecommunications systems, and traffic flow.
Wiki: A backwardation starts when the difference between the future price and the cash price is less than the cost of carry, or when there can be no delivery arbitrage because the asset is not currently available for purchase.
NVDL: We may see backwardation in terms of the oil market (if we aren't already)
Wiki: Contango - where the price of a commodity for future delivery is higher than the spot price, or a far future delivery price higher than a nearer future delivery.
NVDL: Contango is the opposite of backwardation.