Suppose the currently the spot price for WTI (light sweet crude) is 58.60 per barrel and the futures price for delivery in 3 months is 58.45. Additionally suppose you have to purchase 1,000,000 barrels in 3 months. 1) How many futures contracts do you enter into to hedge this transaction? (HINT: you may need to look up the size of a WTI futures contract on the CME Group website) 2) Do you go long or short these contracts? 3) What price (in dollars per barrel) have you locked in?