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.
Analysis
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.