You want to store oil in the Gulf Coast as your POV is that oil will be worth more next fall than it is currently in October 2016. To execute on this tradeyou enter into a storage agreement with a tank farm in Houston to store 500,000 barrels of oil from October 31,2016 thru end of October 2017 at a cost of $ 100.000 per month In October 2016, you entered into a forward physical contract to purchase 500,000 barrels of oil from ABC trading company to be delivfred into storage at the end of October 2016 at a cost of 50.00 per barrel. Since the product has not been sold yet, you enter into a November 2017 WTI futures contract to sell 500 lots of WTI futures at 52.00 per barrel. In May 2017 , you enter into a physical forward sales contract to sell 500,000 barrels of oil for $56.00 per barrel in October 2017. Since product has now been sold you buy 500 lots of November 2017 futures at $ 58 per barrel What was your profitloss on this trade ? Show your calculations .