Today you are long a heating oil forward contract for March delivery in Chicago @ $ 1.54/gal and short a
NYMEX March heating oil (HOH) contract at $1.54.
On February 18 you sell a March Chicago HO vs NYMEX HOH basis at < $.05> the board. You negotiate an EFP
with your counter party @ $1.60/gal
a). How much $ did you make (+ or -) in $ per gal
b). Show the cash flows of the trade