Ok thanks W69, I should have bothered to look myself lol. So they buy jet fuel but hedge Brent, presumably relying on the strong correlation on differentials.
Here's a chart (second one) that shows the differentials/correlation
http://www.iata.org/publications/eco...velopment.aspx
looks to me that $55 for jet fuel will be tough to achieve going forward, especially given the forward curve is in contango, but it's not the end of the world at this stage.
discl: still long from low 2's cum divs, and added more at 1.80 ex divs