A Crude Oil Spot Price Forecasting Method Incorporating Quadratic Decomposition and Residual Forecasting

Table 10

Summary of DM test results.

Model	Brent crude oil dataset		WTI crude oil dataset
	MSE	MAPE	MSE	MAPE
Model 1	1.0261e − 06	9.1364e − 04	1.9866e − 10	3.0922e − 09
Model 2	2.9071e − 09	7.5103e − 13	1.6597e − 07	2.9054e − 10
Model 3	5.9466e − 05	3.1781e − 11	3.8538e − 08	1.3185e − 10
Model 4	2.5103e − 10	4.8014e − 15	4.3583e − 08	1.3803e − 12
Model 5	4.9128e − 08	6.1358e − 11	2.8343e − 08	3.7800e − 10
Model 6	7.0954e − 07	1.4833e − 11	6.6489e − 04	2.1575e − 08
Model 7	3.1893e − 05	4.4891e − 05	1.4838e − 04	8.5191e − 05
Model 8	2.5304e − 04	4.4998e − 04	1.4401e − 03	2.9092e − 03
Model 9	0.0001	9.6604e − 03	0.0007	1.9009e − 03
Model 10	0.0090	0.0061	0.0073	0.0044
Model 11	0.0291	0.0184	0.0277	0.0150
Model 12	0.0493	0.0436	0.0376	0.0374