1. You want to store gasoline in the Gulf Coast as your POV is that gasoline will be worth more than it is currently in September 2021. To execute on this trade, you enter into a storage agreement with a tank farm in Houston to store 500,000 barrels of product from October 1, 2021 thru June 30, 2022 at a cost of $1MM per month.

• In September 2021, you entered into a forward physical contract to purchase 500,000 barrels of gasoline from ABC trading company to be delivered into storage on October 1, 2021 at a cost of $1.50 per gallon (42 gallons per barrel).
• Since the product has not been sold yet, you enter into a June 2022 RBOB futures contract to sell 500 lots of RBOB futures at $2.10 per gallon.
• In November 2021, you enter into a physical forward sales contract to sell 500,000 barrels of gasoline for $2.20 per gallon in June 2022.
• Since product has now been sold you buy 500 lots of June 2022 RBOB futures at $2.30 per gallon to close out your futures position.

What was your final profit/loss on this entire trade?