A trader enters into a short c

A trader enters into a short crude oil contract when the futures price is $40 per barrel. The contract size for the oil futures is 1,000 barrels per contract and the trader’s position is for the delivery of 50 oil futures contracts. How much does the trader gain or lose if the crude oil price at the end of the contract is (a) $38.20 per barrel; (b) $41.30 per barrel?

Question 2.Which of these two companies would have a need to take a long position in crude oil futures to hedge its oil price risk: a) Tullow Ghana b) Tema Oil Refinery Please provide appropriate justification for your choice.

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