Inverted Market
In the context of options and futures, this is when the current (or short-term) contract prices are higher than the long-term contracts.
Investopedia Commentary
This usually occurs because a good is currently in short supply, which drives up prices in the short term.
Related Links
Futures Fundamentals
Options Basics Tutorial
See also: Contango, Futures, Inverted Yield Curve
inverted market