A speculator takes a long position in a futures contract on a commodity on November 1, 2019, to hedge an exposure on March 1, 2020. The initial futures price is $90. On December 31, 2019, the futures price is $190. On March 1, 2020, it is $85. The contract is closed out on March 1, 2020. Each contract is on 1,000 units of the commodity.

What gain/loss is recognized from speculation in the accounting year January 1 to December 31, 2020?