Got thar right buskoto! My source indicates they bought fuel somewhere in the vicinity of $80 up for about 3 years. A bad bet perhaps but that's what you can get from hedging in fuel, currency derivatives or credit swaps, a practice some airlines and big corporations have been doing for a long time. Rumor also has it that SIA will see bigger losses than CX for its fuel hedging bets.
And who was it who said that "Southwest Airlines was primarily a fuel hedging company that also operates aircraft"
?