3. You want to store gasoline in the Gulf Coast as your POV is that gasoline will be worth more in June than it is currently in February 2022. To execute on this trade you take the following steps.

In February 2022, you entered into a forward physical contract to purchase 500,000 barrels of gasoline from ABC trading company to be delivered into storage on March 1, 2022 at a cost of $1.50 per gallon (42 gallons per barrel).

You enter into a storage agreement with a tank farm in Houston to store 500,000 barrels of product from March 1, 2022 thru June 30, 2022 at a cost of $1 million per month. Since the product has not been sold yet, you enter into a July 2022 RBOB futures contract to sell 500 lots of RBOB futures at $2.10 per gallon.

In May 2022, you enter into a physical forward sales contract to sell 500,000 barrels of gasoline for $2.20 per gallon for delivery on June 30, 2022. Since product has now been sold you buy 500 lots of July 2022 RBOB futures at $2.30 per gallon to close out your futures position.

What was your final profit/loss on this entire trade?