What happens when a futures contract expires

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Futures contracts are used by contracts will require physical delivery.

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Lesson 9: Futures Contract Expiration \u0026 Rollover
A contract's expiration date is the last day you can trade that contract. This typically occurs on the third Friday of the expiration month, but varies by. Settling a futures contract involves terminating the contract by clearing the payments arising out of the position held. Unlike offsetting or rolling over, the. When a futures contract expires, it will be equal to the spot price. I'm looking for someone to confirm if this is the case and its not "equal.