  Here we propose two alternatives to Black 76 to value European option future
contracts in which the underlying market prices can be negative or mean
reverting. The two proposed models are Ornstein-Uhlenbeck (OU) and continuous
time GARCH (generalized autoregressive conditionally heteroscedastic). We then
analyse the values and compare them with Black 76, the most commonly used
model, when the underlying market prices are positive
