Before revision: We describe a model for evolving commodity forward prices that incorporates three important dynamics which appear in many commodity markets: mean reversion in spot prices  , decorrelation of moves in different points on the forward curve, and implied volatility skew and smile.
After revision: We describe a model for evolving commodity forward prices that incorporates three important dynamics which appear in many commodity markets: mean reversion in spot prices and the resulting Samuelson effect on volatility term structure , decorrelation of moves in different points on the forward curve, and implied volatility skew and smile.