Ah but didn't they all laugh at him when he left his fuel unhedged. How unsophisticated!
It is not a matter of being sophisticated or not - buying forward has been part of the economy since farmers in the 1700s sold crops, tulips, pork etc on forward agreements, and traded futures are an established and quite simply business.
Ryanair thought the price rise was unsustainable, but slightly bottled it when it stayed around 120-140/bbl for a few months. Fortunately that has not hindered them in the long-term.