This study proposes a novel framework for the joint modelling of commodity forward curves. Its key contribution is …

is associated with forward curves in backwardation (contango), as the theory of storage predicts. Second, we show that …

This study proposes a novel framework for the joint modelling of commodity forward curves. Its key contribution is …

of forward curves. The spot price model is based on a long-term/short-term decomposition, where the price is thought of … difficult to obtain analytical expressions for the forward curves. The model of forward prices allows for the valuation of power …