But from the little I know, that's exactly how it works: futures markets are supposed to be 'transparent' and in best knowledge of the entire market situation, thus the front-month futures price is supposed to reflect the 'real' price; while the spot market is supposed to be more secretive, but often using futures prices as benchmark.

I hope HiD turns up to give the insider view.

_{*Lunatic*, n.
One whose delusions are out of fashion.}