It is May 15 today and an oil producer has just negotiated a contract to sell 1 million barrels of crude oil. It has been agreed that the price that will apply in the contract is the market price on August 15. To hedge its exposure, the company can short 1,000 futures contracts. The spot price on May 15 is $60 per barrel and the crude oil futures price for August delivery for the CME Group contract is $59 per barrel. If the oil producer closes out its position on August 15, the effect of the strategy should be to lock in a price close to $59 per barrel. Suppose that the spot price on August 15 is $55. What are the gains/losses that the company realizes solely from its short futures position