Below are option quotes on Oct 12th for Nov expiration crude oil futures. For now, you can treat these options as if they are on crude oil. How can an oil producer construct a selling price range between $80/barrel and $84? What is the net cost (or net premium) for doing so? How can a refinery construct a purchase price range between $80.5/barrel and $84.5/ barrel? What is the net cost (or net premium) for doing so? Indicate clearly what options you buy and what options you sell. When computing net cost, use ask price if you want to buy the option, use bid price if you want to sell the option.

Crude Oil WTI Dec '23 (CLZ23) 82.11+0.04(+0.05%)11:41 CT [NYMEX] 82.101482.1210 OPTIONS PRICES for Thu, Oct 12th, 2023 Alerts (8) Watch 4 Help (? Make this my default vies Options Type: download Z4 nave th avniration an 11/15/32 Imnliar Valatilitur za neec. Drire Valu te nf Ontinn nnint- \&1 nn Put Premium Total $1,139,330.00 Put Open Interest Total 423,86