Before revision:  Moreover, we obtain an explicit formula for the forward volatility and provide a heuristic analysis of the optimal solution for the production / storage / investment problem in a Markovian setting  .
After revision:  Moreover, we obtain an explicit formula for the forward volatility and provide a heuristic analysis of the optimal solution for the production / storage / investment problem in a Markovian setting . This approach is particularly interesting in the case of energy commodity: it remains suitable for commodities characterized by storability constraints, when standard no-arbitrage arguments can not be safely applied .