On June 6, 2021, firm ABC has a contract to sell 1,000 barrels of crude oil on November 17, 2021. ABC uses a hedge with one WTI NYMEX DEC futures. The DEC Futures traded on June 6, 2021 for $89/barrel.

A. What type of hedge will company ABC open?

B. On November 17, 2021 the crude spot price is $82/barrel and the DEC Futures is trading for $83.50/barrel. ABC sells the 1,000 barrels in the spot market and closes its hedge.

Calculate the price per barrel ABC receives.