Multi-Factor Model of Correlated Commodity - Forward Curves for Crude Oil and Shipping Markets by Ellefsen, Per Einar, Sclavounos, Paul D.

“…The use of the model is described for the pricing of derivatives written on inter- and intra-commodity futures spreads, Asian options, the valuation and hedging of energy and shipping assets, the fuel efficient navigation of shipping fleets and use in corporate risk management.…”
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