Top U.S. airlines are taking a more cautious, though varied, approach to fuel hedging this year, after incurring blistering losses from hedges in 2008 when oil prices spiked then tumbled."
And then in what has been a test question, the article answers how can they hedge the downside, while benefiting if jet fuel prices fall:
" Buying some straight call options in our portfolio allows us to participate in the upside opportunity should prices fall," Mikells said."
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