On June 1, 2020, traders A and B enter a futures contract on crude oil. Trader A is under contract to take delivery of 10,000 barrels in December 2020; and Trader B is under contract to make delivery. The futures price is $35 per barrel. Then in August 2020, the futures price for the December contract is $40. Suppose bother traders A and B decide to exit their futures positions in August. Which of the following statements is FALSE?

		Trader A gains by entering the contract at $35 and exiting at $40
		Trader B loses by entering the contract at $35 and exiting at $40
		December 2020 is the delivery month. June and August are observation months.
		Traders A and B had to prove that they had an intention to buy (sell) the physical barrels in December