WTI crude oil put premium quotes ($/barrel)

Strike price ($/barrel) Oct '21 Dec '21 Mar '22

69.00 1.00 4.20 7.10

69.50 1.10 4.30 7.30

70.00 1.20 4.62 7.90

70.50 1.49 4.92 8.20

Current futures prices ($/barrel): Oct 70.01; Dec 69.78; Mar 69.40.

Contract size: 1000 barrels

1.A speculator still holds the put option at the expiry date. Say that the futures price at expiry is $73/barrel, he will:

(i) Do nothing

(ii) Exercise the option

2.) A speculator still holds the put option at the expiry date. Say that the futures price at expiry is $67/barrel, he will:

(i) Do nothing

(ii) Exercise the option