An oil refiner can refine 3 barrels of crude oil to produce 2 barrels of gasoline and 1 barrel of heating oil. The production plans of the refiner involve acquiring crude at the start of February 2021 and selling the refined product at the end of February after the month-long refining process is complete. The refiner can hedge the associated cash flows by.....

Please select the correct answer. Show your reasonings.

1. going long in crude oil futures contracts that mature at the end of January 2021 and buying gasoline futures and heating oil futures contracts that mature at the end of February 2021.
2. buying crude oil futures contracts that mature at the end of January 2021 and selling gasoline futures and heating oil futures contracts that mature at the end of February 2021.
3. selling aviation fuel futures contracts that mature at the end of January 2021 and buying gasoline futures and heating oil futures contracts that mature at the end of February 2021.
4. shorting crude oil futures contracts that mature at the end of January 2021 and selling gasoline futures and heating oil futures contracts that mature at the end of February 2021.
5. selling crude oil futures contracts that mature at the end of January 2021 and buying gasoline futures and heating oil futures contracts that mature at the end of February 2021.