Q1. Position Trader Z holds the following futures positions on NYMEX for WTI crude oil: One WTI futures is for 1,000 barrels. Delivery month Long 50 futures AUG 2024 Long 25 futures SEP 2024 Short 50 futures JAN 2023 Short 30 futures APR 2023 Current futures market price $75.80/barrel $76.22/barrel $86.30/barrel $88.88/barrel Trader Z decides to quit the market now, given the current market prices. 1.1 Describe exactly how does Trader Z quits the market. 1.2 Show the cash flows associated with Trader Z's market activities and calculate the total cash flow associated with Z quitting the market.