Determining the Value of a Futures Contract at Expiration

John is a hedge fund manager who uses futures contracts to manage risk in his investment portfolio. Recently, he entered into a futures contract to buy 1,000 barrels of crude oil for delivery in three months at a futures price of $70 per barrel. The current spot price of crude oil is $69 per barrel. As the delivery date approaches, the spot price rises to $75 per barrel.

Assuming there are no costs associated with entering the contract and that John will hold the contract until maturity, what will be the value of John's futures position at expiration?