i) You compute and compare the hedge ratios and the optimal number of futures contracts by using two data samples; June 2016 June 2018 and June 2018-April 2020. For the hedging strategy, you consider three type of hedging applications in terms of hedging instruments: hedge with heating oil futures only, hedge with crude oil futures only, and, hedge with both heating oil and crude oil futures. How stable the hedge ratios have been over the time? 

ii) You assess the out-of-sample hedge performance of these hedge ratios. By using the hedge ratio estimated from the June 2016 June 2018 dataset, you hedge jet fuel price changes in two periods; June 2018-June 2019 and June 2019-April 2020 and then compare the hedging performance over these two periods (by comparing standard deviations of unhedged and hedged positions). 

iii) What are the main issues you have identified with this hedging application and what are your suggestions to deal with those?