Evaluating a fluid, including transmitting a light beam through the fluid to a detector while oscillating a path length traveled through the fluid by the light beam at a first frequency of oscillation; measuring a time-dependent intensity of incident light at the detector responsive to an interaction of the light beam with the fluid to produce a time-dependent intensity signal; filtering the time-dependent intensity signal to recover a path-dependent signal oscillating at the first frequency and indicative of an absorbance property of the fluid; and estimating a parameter of interest of the fluid using the path-dependent signal. The time-dependent intensity may be indicative of the true absorbance at multiple wavelengths of the fluid or fluids over the maximum path length difference so as to permit quantification of the percentages of each of these fluids. Filtering may include frequency filtering alone or using a phase-sensitive lock-in amplifier.