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As a risk manager of an airline company, you have taken some hedging positions in heating oil in Jan 2023 when the heating oil forward

As a risk manager of an airline company, you have taken some hedging positions in heating oil in Jan 2023 when the heating oil forward price was $3.23 per Gallon. Now the forward contracts are close to expire and the spot price of heating oil is $2.06 per Gallon. Is it a loss or gain for your forward position (not the final price you pay)?

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