News
A US-Iran ceasefire was announced yesterday. Oil fell below $100. Airline stocks surged globally. IATA's Willie Walsh says jet fuel supply will take months to recover regardless. Bahrain has reopened its airspace. EASA reviews its UAE bulletin this morning.
News
Qatar Airways has grounded all eight of its operational A380s and cut more than 12,000 flights for April and May. The June 1 return is planned. The refund window extends to July. The longer term data suggests the crisis has accelerated a retirement trajectory that was already underway.
News
Delta beat on revenue and earnings in the first quarter. It also withdrew its full year guidance entirely. The refinery offset is real. The fuel crisis is now fully on the income statement; and Delta's results represent the ceiling for what US airlines can deliver in this environment.
News
Jet fuel rationing has reached seven Italian airports. Air India's CEO has resigned. EASA reviews UAE airspace safety on Thursday. And Delta reports earnings at 11.30am UK time — we will have the analysis as soon as numbers drop.
Analysis
Short positions on Wizz Air have risen from 9% to 16% since the Iran war began — the highest level in ten years. Hedge funds are telling you where they think the fuel crisis does the most structural damage among listed European carriers.
News
Easter Monday delivered 5,029 US flight disruptions. easyJet's French cabin crew struck. Capacity cuts spread to Croatian leisure routes. And Delta's earnings on Wednesday open the most consequential week of the airline earnings season.
Analysis
Delta reports first quarter earnings on Wednesday at 6.30am Eastern. The headline revenue and EPS figures will receive the usual attention.
News
Ryanair entered the Iran war with 84% of its fuel hedged at $77 per barrel. Spot prices are now above $190. The competitive advantage is real. O'Leary's warning this week about May supply disruptions, however, suggests the crisis is moving into territory that no hedging contract reaches.
News
Jet fuel has more than doubled since February. European carriers entered the crisis better hedged than most. But a structural flaw in how airlines hedge is leaving many more exposed than they realise — and Delta's earnings on April 9 will be the first real test of who is protected and who is not.