Airlines can't directly hedge Jet Fuel prices since there is no sufficiently liquid market of exchange traded Jet Fuel Futures or Options.
As a result, Jet Fuel is hedged using either OTC (Over the Counter) Derivative products in conjunction with Investment Banks, or more commonly by hedging on closely correlated exchange-traded alternatives such as Heating Oil.
This exposes the airlines to so-called "basis risk"- the risk that the proxy does not move in the same manner as the thing being hedged. However, experience has shown that Heating Oil does act as a remarkably good proxy for Jet A.
Either way, the futures markets continue to indicate a gentle but sustained rise in Jet A prices.
2D