What does Basis Quote mean?
A quote for a contract used as a reference in another contract. This is used to shorten and bring clarity in the quoted price of a futures contract. The price of a futures contract can be stated as a plus or minus to the base quote of an existing futures contract.
Futures Knowledge Explains Basis Quote
For example, suppose Brent oil future contract with expiry in June is $65 and another contract with expiry in December is $70. The basis quote for December contract is June expiry +$5.