A company will need to sell 10,000 barrels of oil in June 2010. To hedge this position they enter short positions in 10 oil futures contracts (each representing 1,000 barrels of oil) with delivery in July 2010. The futures price when they enter these positions is $97 per barrel. On June 18, 2010 the company enters long positions in 10 oil futures contracts with delivery in July 2010 to close their existing short positions. At this time they also sell 10,000 barrels of oil in the spot market. The spot market price on June 18 is $100.25 per barrel. The futures price for delivery in July 2010 on June 18 is $99.75.
How much money (in total $) was made or lost as a result of the futures positions?
How much was effectively received by the company for each barrel of oil taking into account hedging?