Backwardation is never a good sign with most commodities, especially oil and gas. Both should have cost-of-carry built into prices out into the future.

“For traders and investors, lower futures prices or backwardation is a signal that the current price is too high. As a result, they expect the spot price will eventually fall as the expiration dates of the futures contracts approaches.”

https://www.investopedia.com/terms/b/backwardation.asp