When are futures and forward contract prices equal?

Futures and forward contract prices are equal at the time of contract initiation, assuming no arbitrage opportunities exist and that both contracts have the same underlying asset, expiration date, and risk-free interest rate. Additionally, if there are no storage costs, transaction costs, or other market frictions, the prices will remain equal throughout the life of the contracts. However, these prices can diverge due to differences in margin requirements and liquidity between the two types of contracts.