Assume that it is January $10,2024.$ You work for an oil refining plant and know that you will need to purchase $2,000,000$ barrels of oil for delivery in April $2024.$ You decide to hedge and take a long position in the May $2024$ oil futures contract, on January $10,2024.$ You plan to close out your position in the May $2024$ futures contract on April $5,2024.$

Part A$)$ Contract Specifications

What is the contract size of one futures contract $($in barrels per contract$)?$ How many barrels of oil are you trying to hedge? How many futures contracts do you need to hedge your position?