Path Dependence Research

What we model

Markets, fundamentals, events.

Three kinds of data move a price: exchange settlements and curves, the physical and macro series underneath them, and the scheduled releases and shocks that hit both. The model carries all three.

The forecast

A fan chart, not a point.

On a liquid market the central line stays near the last print, so the product is the bands around it, each a counted claim at the horizons you trade.

Spreads

And the spreads you actually carry.

A point call supports long or short; a distribution prices the structure a desk actually carries. Cracks, crushes and feeding spreads come off the same joint, because a spread's risk depends on how its legs move together, not on their ranges added up. See how one is built.

The products

One product over one coupled panel.

Transport, agriculture, metals and energy, forecast together. Fan charts, what-ifs and the published record cover every market in it. Freight and money series are inputs, not forecasts. The spread board is being rebuilt for the single panel.

The record

When the band says 80%, we publish what it caught.

Every band comes with the share of real moves that landed inside it, live on the demo.

In development

Simulation, for the scenarios data can't answer.

A structural simulation of the physical system, for shocks with no precedent in the history. Still in development. It ships when its record does.

How we work

You own what we build.

Built for your system, handed over, kept current.

© 2026 Path Dependence Research LLC · Virginia, USA · phone demo