A company went short a November 2017 crude oil futures contract in September 2016 for a price of $99.67 per barrel. The contract size is 1,000 barrels. As of December 31, 2016, the contract price was $101.45 per barrel. The company closed its position in August 2017 at a price of $100.44 per barrel. If the contract did not qualify as a hedge, what was the companys 2016 profit or loss on the contract? The companys fiscal year ends on December 31.

a 0

b -1010

c -770

d 770

E -1780