Oil slump offers scant relief to heavily hedged airlines [Business News Network (BNN) Energy & Resources (Canada)]
SINGAPORE AIRLNS UNSP/ADR (SINGY)
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Source: Business News Network
Oil slump offers scant relief to heavily hedged airlines Plunging oil prices usually boost airlines by bringing down the cost of their biggest expense. But for carriers locked into buying fuel at higher levels, the drop offers little relief from the coronavirus epidemic that has wiped out demand for travel. With crude in freefall, hedging positions aimed at protecting against future price increases -- such as those taken by Singapore Airlines Ltd., British Airways and Ryanair Holdings Plc -- are now costing carriers money. Brent tumbled by almost a third to US$31 a barrel, the most since the Gulf War in 1991, whereas Singapore Airlines is hedged at US$76 on four-fifths of its fuel needs through the end of this month. “The dramatic drop in oil prices is nothing to cheer about for airlines this time because virtually no one is traveling,” said Bang Min Jin, an analyst at Eugene Investment & Securities Co. in Seoul, one of the cities worst hit by the outbreak. “Airlines that have little
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