With WTI crude pipping USD$71.69, oil just topped AUD$96.00. Since the start of April oil prices (hence Jet fuel) is up in the order of 10%.
Geopolitical risk aside, China's recent foray into Yuan denominated oil contracts and clear patterns of increasing consumption suggest further contango in oil prices, Qantas may wish they were permitted more hedging latitude when fuel was considerably cheaper.
Qantas hedging into FY18-19 may be significantly more expensive, and hedging discretion is only 40% of forecast demand outside 12 months. Those 787 orders may be needed sooner than later...
Qantas need a new fleet