Bernstein: Jet Fuel Doubles, Airlines Threatened

European jet fuel prices have surged to $1,500‑$2,000 per ton, more than double pre‑Iran attack levels.
Hedge ratios for 2026 show Ryanair (80%) and Lufthansa (77%) best protected, while IAG and Air France‑KLM sit around 62%.
United announced a 5% growth cut; Delta and Lufthansa trimmed capacity by 3.5% and 1% respectively as airlines curb unprofitable routes.
Ryanair and easyJet hold strong net cash, whereas Air France‑KLM and Wizz Air face pressure from higher leverage.