Not only that but hedging, for all intents and purposes, is betting. Educated betting but betting non the less. There is a cost to buying future contracts and, if the price goes up you make some money. If it is stagnant or goes down then you lose money.
The biggest advantage for a company in hedging is that stabilizes/makes your costs know for a certain period of time which can be a benefit. Most comany's hedge only a portion of their fuel as well.
In any case, it is like predicting the price of a stock and becomes a mugs game unless you are VERY good.