all three please ans thanks

LUCILIUI. PUMIL It is February 2nd and you know that you will need to buy 40,000 barrels of crude oil at some time in June or July. Oil futures contracts are currently traded for delivery every month on NYMEX and the contract size is 1,000 barrels. You decided to use the August contract for hedging and take a long position in 40 August contracts. The futures price on February 3 is $40 per barrel. You find out that you are ready to purchase the crude oil on July 3, and you offset your futures contract on that date. The spot price and futures. price on July 3 are $ 51 per barrel and $ 53 per barrel. Calculate the net/effective price you paid per barrel for crude oil. Your Answer: Your Answer Question 2 (1 point) It is March 23. An oil producer in Canada sells November crude oil futures at $50.61 per barrel. The oilman expects the local basis to be $3.84 per barrel under in October. What cash price does the oilman expect to receive in October? [Please answer to two decimal places) Your Answer: Your Answer Question 3 (1 point) A trader enters into a short cotton futures contract when the futures price is 0.71 dollar per pound. The contract is for the delivery of 50,000 pounds. How much does the trader gain or lose from the futures position if the cotton price at the end of the contract is 0.11 dollar per pound