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A speculator believes that the price of oil will rise during the next three months: - On February 1 2 , 2 0 2 4
A speculator believes that the price of oil will rise during the next three months: On February she takes a speculative position in five NYMEX September Light Sweet Crude Oil futures contracts CME Group Each contract covers barrels.
The futures price at which the speculator enters the contract is $ per barrel. The initial margin is $ and the maintenance margin is $Note that you must determine whether the speculator should be long or short in the contract based on her stated expectations.
If the trader closes out the position when the futures price is $ what will be her dollar gain or loss on the total position five contracts
Report your answer in dollars and cents to two decimal places.
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