US Airlines’ Latest Hedging Positions, Jet Fuel Costs

Below are insights into jet fuel hedging and price estimates from some of the largest US airlines at end of 3Q, based on company statements and conference call transcripts.

American

• No fuel hedging contracts outstanding as of Sept. 30
• 4Q fuel price: $3.01/gal. to $3.11/gal.

Delta

• Derivative contracts to hedge fuel primarily relate to inventory at wholly-owned Monroe Energy refinery and may consist of options, swaps, futures contracts with duration less than three months
• December fuel prices: $2.90/gal. to $3.20/gal.

United

• 4Q fuel price: ~$3.28/gal.

Southwest

• Maximum fuel hedged as of Sept. 30:

• 4Q ...