AI
Tuesday, September 30, 2014 4:36:46 PM
AAG closed their last fuel hedge positions in Q2, which seems to have paid off so far as jet declined nearly 8% in Q3. And the average price of jet in Q3 is about 7 cents lower than the average price of jet in Q2.
That roughly translates to a $70M dollar savings over average Q2 prices, based on a quarterly fuel consumpion of just over 1.1B gallons.
(AAG doesn’t hedge at all for either jet fuel, currency risk, or interest rate risk. They have several billion in debt tied to LIBOR and a lot of currency risk due to being an international operation. Venezuelan currency risk notwithstanding.)
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