Delta Guides 13% RASM After Oil Peak

Wolfe Research notes Delta Air Lines projects Q2 RASM above 13%, surpassing prior 9% estimate and pre‑oil‑spike 5% forecast.
Historical data shows airline stocks typically outperform the market for 1‑6 months after oil price peaks, but future RASM may decline year‑over‑year.
Analysts warn that despite fuel‑price relief, demand risks, hedging limits, and potential Brent supply shortages from May could keep airline stocks volatile.
Market strategists say lower fuel costs may not boost airline relative strength if consumer demand weakens, potentially offsetting margin gains.