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An oil refining company is holding 1,000 one-month long crude oil futures contracts on NYMEX at a futures price of $43 per barrel. At contract

An oil refining company is holding 1,000 one-month long crude oil futures contracts on NYMEX at a futures price of $43 per barrel. At contract expiration, the company transfers half of its position to new one-month futures and closes out the remaining half. At this point, the spot price of oil is $44 per barrel and the new one-month futures price is $43.50 per barrel. At the expiration of this second contract, the company closes out its remaining position. Assume that the spot price is $46 per barrel. Ignoring interest, 

what is the company's profit or loss from its futures positions?

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