Intercommodity Futures Spreads

Written by Greg, founder of FTMarketWatch — a former licensed commodities trader.

Last reviewed: September 2, 2026

An intercommodity spread combines futures positions in two different but economically related markets. The trader is focused on the price relationship between the contracts rather than only on the direction of one market.

Simple example

A trader might compare two related agricultural products, two energy products, or different parts of an industrial supply chain. One contract is bought and another is sold, with the thesis based on whether the price difference will widen or narrow.

Why spreads are not “low risk” by default

Offsetting long and short positions can reduce some outright market exposure, but the relationship between the two contracts can still move sharply. Liquidity, contract size, tick value and expiration also need to be considered on both legs.

Intercommodity vs calendar spread

An intercommodity spread uses different underlying markets. A calendar spread typically uses different delivery months of the same underlying futures market.