For example, check out www.fis-group.com/finmodls.htm for a variety of BSOPM applications.
The BSOPM was developed for European options on stocks--corporate equity securities, not commodity futures.
The BSOPM was built and remains dependent upon several assumptions:
Current BSOPM forms adjust for this relaxation of the original assumption; exercise before expiration date shortens it.
The BSOPM yields a theoretical premium that may or may not be exactly the same as the market premium (the premium being quoted currently when buyers and sellers enter the market).