Today is September. Exxon Mobil, a major natural gas producer, takes a short position in 1,386 December Henry Hub natural gas futures contracts at a futures price of $4.09 per millon British thermal units (abbreviated mmBtu.) The objective is to hedge price risk of future sales of natural gas to utility companies. The spot price of natural gas currently is $4.12 per mmBtu. In November, the Exxon Mobil offsets (i.e., closes out) its futures position by taking a long position in the same number of contracts at a futures price of $4.12 per mmBtu. The spot price in November is $0.15 per mmBtu above the futures price. What is Exxon Mobils total gain or loss on its futures position? Ignore transactions costs. The size of the Henry Hub natural gas futures contract is 10,000 mmBtu.

Enter your answer in dollars without the $ symbol. If the trader has a loss, then enter a negative number, e.g., -3456.78 (i.e., a loss of $3,456.78). If a gain, then enter an unsigned value, e.g., 1234.50 (i.e., a gain of $1,234.50).