Normal backwardation refers to a phenomenon where the price of a commodity for future delivery is lower than the expected price of the same commodity in the future. Other synonyms for normal backwardation include "natural backwardation," "backwardation equilibrium," and "expected backwardation." It is a common concept in futures markets and can be attributed to factors such as convenience yields, storage costs, and the cost of financing. Normal backwardation is used to manage price risk and hedge against uncertainty in the market. It is essential for traders to understand the concept of normal backwardation when trading in futures markets to make informed decisions.