Representation of infinite dimensional forward price models in commodity markets

We study the forward price dynamics in commodity markets realized as a process with values in a Hilbert space of absolutely continuous functions defined by Filipović. The forward dynamics are defined as the mild solution of a certain stochastic partial differential equation driven by an infinite dimensional Lévy process. It is shown that the associated spot price dynamics can be expressed as a sum of Ornstein-Uhlenbeck processes, or more generally, as a sum of certain stationary processes. These...