$$ Your trading is to primarily hedge your risk exposure to the oil price. For student whose student number end with odd number, assume you are treasurers at airline company, and you are going to buy $10,000$ barrels of jet fuel oil in $3$ months. For student whose student number end with even number, assume you are jet fuel oil producer, and you are going to sell $10,000$ barrels of jet fuel oil in $3$ months. You aim to use Energy future products to hedge your price risk. Record the fuel price when they start to take positions on CME, to: $1)$ provide a background info about$/$justify how many contracts you go long$/$short$,2)$ show whether you succeed in hedging risk.

$$ You have $$100,000$ USD cash on hand at the beginning of your trading. You must use at minimum $70\%$ of your account balance to hedge your oil price risk. Meanwhile, you are allowed to have up to $30\%$ of your account balance to speculating$/$arbitraging$,$ and the speculation$/$arbitrage products are not limited to Energy futures $($e$.$g$.,$ other future products, you can even use Crypto futures to earn short$-$term profit, but also mind the potential loss$).$

$$ Do you think it is necessary to hedge your jet fuel price risk, and what percentage of your exposure you think you should hedge $($e$.$g$.,?\%$ out of the $10,000$ barrels$)$

$$ Which future product$($s$)$ you use to hedge your risk, outline their basic specs?

$$ What strategy you employed to hedge $($e$.$g$.,$ delivery month, contract price, contract amount, long or short, etc$)?$

$$ What is the performance of your hedging by the end of your last trading date? And how the spot price change for jet fuel oil?

$$ Are there any differences between jet fuel oil and the underlying assets of your selected hedging product? And what risk can be generated from these differences?

$3.$ Summarize your speculation trading

Provide a summary on how you use future contracts to speculate$/$arbitrage during your trading period. The content should include but not limited to:

$$ Why you take$/$not take speculation position?

$$ How the speculation performed and explain your profit$/$loss$?$