Theoretical Fair Value of Futures Contract

XYZ Corporation operates in the energy sector and has a significant exposure to fluctuations in the price of crude oil. In order to hedge against potential increases in oil prices, the company decides to enter into a futures contract. As of today, the spot price of crude oil is $70 per barrel, and the futures price for delivery in three months is quoted at $72 per barrel. The risk-free rate is currently 3% annually, and the storage cost for crude oil for the duration of the contract is expected to be approximately $1.50 per barrel.

With this information, what would be the theoretical fair value of the futures contract according to the cost-of-carry model, considering the storage costs and the risk-free rate?