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. United was excluded this quarter due to lack of information.

American

• No fuel hedges as of Sept. 30
• 4Q fuel prices: $2.20/gal. to $2.40/gal.

Delta

• 4Q fuel prices: $2.20/gal. to $2.40/gal.

Southwest

• Period Maximum fuel hedged
  • 2024: 58% on WTI, Brent, heating oil
  • 2025: 47% on Brent
  • 2026: 43% on Brent
  • 2027: <10% on Brent
• 4Q fuel prices: $2.25/gal. to $2.35/gal.

Alaska/Hawaiian

• Alaska suspended fuel hedging program in 2023, with ...