Research Article
A Crude Oil Spot Price Forecasting Method Incorporating Quadratic Decomposition and Residual Forecasting
Table 3
Indicators of factors influencing crude oil prices.
| ā | Tier 1 indicators | Secondary indicators | Quantification of secondary indicators | Symbol representation |
| Factors affecting crude oil price | Commodity attributes | Crude oil supply | OPEC crude oil production | X1 | Non-OPEC crude oil production | X2 | Crude oil demand | OECD crude oil consumption | X3 | Crude oil inventory levels | U.S. crude oil inventories | X4 | Economic factors | US dollar index | USDX | X5 | Global economic policy uncertainty | EPU | X6 | Alternative energy sources | Natural gas prices | Henry hub natural gas spot price | X7 | Coal prices | Power coal offshore spot prices at the port of Newcastle, Australia | X8 | Geopolitical factors | Geopolitical risk index | GPR | X9 |
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