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Q3. On NOV 3,2022 refinery RR sign a contract to purchase 100,000 barrels of crude oil from XYZ on MAR 14, 2023 at the spot
Q3. On NOV 3,2022 refinery RR sign a contract to purchase 100,000 barrels of crude oil from XYZ on MAR 14, 2023 at the spot price on that date. RR uses the APR 2023 WTI futures on NXMEX 10,3.2022;4,2023=$94.56/ barrel to hedge this trade with a hedge ratio h=1. One NEMEX WTI contract covers 1,000 barrels. RR buys the 100,000 barrels on MAR 14, 2023 for the spot price of $100.34/ barrel and closes its hedge at the APR futures price F3,14,2023,4,2023=$99.67/ barrel. Show The complete time table that describe this hedge and calculate the price paer barrel that RR paid with the hedge
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