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European airline jet fuel hedges

JET FUEL

Jet fuel hedging positions for Europe-based airlines according to Bloomberg

  • EasyJet: 71% hedges to Sep22, 49% hedged to Mar23, 20% to Sep23
  • Ryanair: 80% (60% swaps, 20% options) to Mar23, 80% (70% swaps, 10% options) to Sep23, 10% swaps to Mar24
  • IAG: 2Q22 78% vs 65% previously, 3Q22 75% vs 56%, 4Q22 53% vs 45%, 1Q23 36% vs 26%, 2Q23 26% vs 18%, 3Q23 19%
  • Norwegian Air: The group has no open hedge positions
  • Air France-KLN: 2Q22 72% vs 63% previously, 3Q22 70% vs 42%
  • Lufthansa: 2Q22 65% vs 65% previously, 3Q22 62% vs 61%, 4Q22 55% vs 55%, FY 2022 63% vs 63%, FY 2023 29%
  • SAS: None of its jet fuel consumption hedged for the coming 12 months
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