In the latest releases they talk of fuel prices rather than oil - when you look back at the last fuel hedge release dated 17th August 2016 they are quoting Brent which is not jet fuel so they would refine their own oil through a third party?
I think the $55 they quoted is not Brent but jet fuel price (refined Brent) go to page 27 of annual results presentation:
Given the uncertain impact of competition and based upon current market conditions, 2017 earnings before taxation are expected to be in the range of $400 million to $600 million – Assumes jet fuel at US$55 per barrel for the remainder of the year
I'm not sure why they're don't hedge directly with jet fuel price but with Brent oil instead - though they may well be getting it refined in Malaysia or Singapore and pocketing the difference.
AIZ Price at posting:
$1.71 Sentiment: Buy Disclosure: Held
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