In September 2019, a firm takes a long position in a contract on May 2020 crude oil futures. The firm closes out its position in March 2020. The futures price (per barrel) is $66 when the firm enters into the contract, $69.1 at the end of December 2019, and $73.8 when the firm closes out its position. One contract is for the delivery of 1000 barrels. Calculate the firms total profit (loss)?

Choose the best answer.

a.

7800.00 dollars

b.

None of the other answers provided is the best answer

c.

-7800.00 dollars

d.

3100.00 dollars

e.

-3100.00 dollars