So Leigh, looks like the term structure of the oil price was indeed suggestive of contango.
The split between Brent and WTI surged past $11 earlier this year and a falling AUD isn't good news as Leigh, Jet Fuel and oil derivatives are hard to hedge and priced higher than their base oil.
Despite waffling about the QSA 1992 as the source of Qantas' problems, the reality is the self enrichment program (share buy back) pumped the share price and enriched insiders nicely, while the company continued to run a fuel inefficient fleet.
With the US likely to attempt to restrict Iranian oil exports, there is probably more upside, your fuel included CASK will get worse.
The shareholders hope Little Napoleon actually starts running an airline rather than spending shareholder funds on social engineering.
Off to the wood shed