zhaoyp

ok, just to summarize and check if i got it.
if im a producer (oil company) and i expect prices to decline. i will want to lock in a price and that's why sell futures to a price i think is still higher then the price that i expect to be.

when prices are high, and im a consumer, i will now go long a futures contract to lock in the current price, because the future price is expected to go up.

did i get it? :-9 thanks again for your help, i love studying when its made with good examples!