In April 2016 a company realizes that it will have oil to sell in June 2017 and decides to hedge its risk with a hedge ratio of 1.0. The current spot price is $68. Although futures contracts are traded with maturities stretching several years into the future, we suppose that only the first six delivery months have sufficient liquidity to meet the company's needs. If the company decides to "stack and roll," what is the sales price (per barrel) of the oil after accounting for the gains/losses on the hedge? Date April 2016 Sept 2016 Feb 2017 June 2017 68 67 66.4 66.2 Oct 2016 futures price Mar 2017 futures price July 2017 futures price Spot price 67 66.8 68 66.9 (Required precision: 0.01 +/- 0.01) In April 2016 a company realizes that it will have oil to sell in June 2017 and decides to hedge its risk with a hedge ratio of 1.0. The current spot price is $68. Although futures contracts are traded with maturities stretching several years into the future, we suppose that only the first six delivery months have sufficient liquidity to meet the company's needs. If the company decides to "stack and roll," what is the sales price (per barrel) of the oil after accounting for the gains/losses on the hedge? Date April 2016 Sept 2016 Feb 2017 June 2017 68 67 66.4 66.2 Oct 2016 futures price Mar 2017 futures price July 2017 futures price Spot price 67 66.8 68 66.9 (Required precision: 0.01 +/- 0.01)