interesting to see how the Easy vs Ryan battle is waged this year as Easy are 50% hedged at something around $120 whereas Ryan are 0% hedged for summer with the current forward price at $77-ish. That's a massive advantage especially when you have 40 extra seats to throw at your opposition as well.
You have to hand it to ol Micky, he's either got the luck of the Irish or he's bloody smart.
Except:
They were unhedged over the period when fuel was >$100 and they have hedged their 3rd quarter requirement at $129. Moving into the 4th Q they have hedged at 70ish (another thread on PPrune)
EasyJet were hedged quite low when spot prices were high over the summer but have indeed hedged 50% of the 2009 requirement at $1225 / metric tonne -not sure what 'spot' price this would equate to but same to say its probably the wrong side of £100 a barrel.( they have also hedged a lot of their next years £/$ exposure at 1.97 which is well smart and will go some-way to negate this if fuel stays low)
That said they are currently taking advantage of the lower levels on a month by month basis.
Hind insight is a wonderful thing but don't forget what MOL recently said that he wanted to hedge at these lower levels going well forward but the banks and oil companies aren't going to take a punt and get their fingers burnt. So even though spot prices/ barrel are low, going too far forward is unlikely at these levels!
Its just the old roundabout and swings deal!!