Analysts' Forecasts Improve Accuracy of Commodity Price Predictions.
Commodity pricing models can accurately predict futures prices but struggle with spot prices. By combining oil futures data with analysts' spot price forecasts, more accurate spot price curves can be generated. Using both futures and forecasts results in similar short-term estimations but significantly different long-term predictions. Including analysts' forecasts alongside futures data affects long-term futures estimations more than short-term ones.