Futures contracts Futures hedging strategy: Based on the data in the JetBlue case study, calculate the potential gain or loss for JetBlue if it hedges 50% of its 2012 Q1 fuel consumption using WTI crude oil futures. Assume the futures price at the time of the hedge is $95 per barrel, and the spot price at the end of Q1 is $105 per barrel. (5 marks) Explain the concept of basis risk and how it impacted JetBlue's hedging strategy in the case study