1. Example of a flat price trade. You are short 1 WTI contract (1,000 bbl). The closing price yesterday was $70 and the closing price today is $71. What is your new total mark to market P&L on this trade?

2. Example of a spread trade. You are bullish on WTI so you are long 1 WTI contract and also short 1 Brent contract (which is 1,000 bbl). The closing price yesterday for WTI was $70 and the closing price today is $71. The closing price yesterday for Brent was $73 and the closing price today is $74.50. What is your new total mark to market P&L on this trade?

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