Who's hedged, who's naked: the fuel-shock map

Jet fuel has doubled since the Iran conflict began. Airlines' own annual reports disclose exactly who locked in prices — and who is fully exposed. SKELETON DRAFT — data collection pending.

Airline finance · Published 2026-06-12 · White Contrails Stories

🚧 DRAFT — training exercise. This piece is part of an internal editorial capability-building run and is not a published report.

Outline (draft skeleton)

1. The shock — jet fuel price move since the conflict (source: IATA fuel monitor, official EIA/Platts references via IATA Economics). 2. The map — hedge ratio + horizon per airline, rebuilt from each carrier's own annual report risk-disclosure section. Chart: horizontal bars by region (the corpus asked this question with proprietary data; we answer it with public filings). 3. The structural outliers — Delta's refinery as a natural hedge; carriers that exited hedging (JetBlue, Southwest per their 10-Ks); European discipline vs US/China exposure. 4. Why it matters — expiry horizons: hedges bought before the shock roll off in 6–12 months; the P&L pain is scheduled, not hypothetical.

Data needed (all public/official)

[ ] Hedge disclosures from FY2025 annual reports: IAG, Lufthansa, AF-KLM,

Ryanair, easyJet, Wizz, THY, Singapore, Qantas, ANA, Cathay, LATAM, Delta/United/American/Southwest/JetBlue/Alaska 10-Ks (hedging note).

[ ] IATA fuel price monitor series (jet fuel $/bbl, weekly).
[ ] Each disclosure: % of next-12-month consumption hedged + instrument type.

Chart plan

Region-grouped horizontal bars (hedge %), annotated with horizon where disclosed; secondary line chart of jet fuel price with conflict start marked.