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Stream/Area:
-
Subject:
-
Paper ID:
10.55041/IJSREM24908
Volume:
7 |
7 |
Jul 2023
Pages:
Publication Frequency:
Monthly (12 issues per year)
License:International Journal of Scientific Research in Engineering and Management follows the Creative Commons Attribution 4.0 (CC BY 4.0) License, allowing free use and distribution with proper attribution.
In this paper, we will use statistical modeling techniques to forecast natural gas prices in US markets. We will investigate the application and contrast of the decision-tree and random forest linear regression models. Using a total of 5800 records, we used a dataset of natural gas prices in the US expressed as US dollars per Btu from 1998 to 2020. Random forest conducts regression using ensemble learning techniques since it is a supervised learning algorithm. Random forest will forecast the price by utilizing the current prices and comparing them, which will be useful for the user to determine the risk in bidding prices. The results are indicated with up to 97% accuracy. The stage has been prepared for the potential new opportunities that these technologies may present.
KEYWORDS
Publication Date
7/30/2023
Peer Review Type
Double-Blind Peer Review
Review Rounds: 2
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Conflict of Interest
The authors declare no conflict of interest related to this research work.
Funding Information
No funding information available for this research.
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