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Futures contract specifications for random length lumber and heating oil are shown below. Use the table of futures market to answer the question. OPEN HIGH

Futures contract specifications for random length lumber and heating oil are shown below. Use the table of futures market to answer the question.

OPEN

HIGH

LOW

SETTLE

Lumber 110,000 board feet; Dollars per 1,000 board feet

Jan 2019

385.50

386.70

378.60

381.50

Mar

392.20

394.40

385.60

388.00

May

388.00

388.00

379.10

381.80

July

371.30

371.30

369.00

369.00

Heating Oil 42,000 gallons; Dollars and Cents per gallon

Jan 2019

3.0799

3.0830

3.0425

3.0506

Mar

3.0360

3.0360

2.9946

3.0041

Apr

3.0047

3.0078

2.9698

2.9855

1. Suppose you are a speculator and you go short 50 contracts of the Mar 2019 lumber contract at the opening price of the day. If you reverse your position at the settle, what will be your total overall profit or loss for the day?

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