Fat Tails, thanks for comments!

Personally I can't see any value in using backwardation/contango for daytrading. The time frame is so tight in a daytrade it is not affected much if any by these things. A daytrade is really an "in the moment" type trade. I think to try an look at backwardation/contango when making in the moment type decision just clouds the process. I think it would also be very difficult to find a real correlation that would give an edge.

I do think in a swing or longer term arb situation backwardation/contango could be a way to trade. So might be worth investing some time looking for correlations in that regard.