Stock Market News
Norwegian Air mulls hedging some of its jet fuel, CEO says
2022.08.25 13:22
Geir Karlsen is appointed as the new CEO of Norwegian Air, as seen in Fornebu, Oslo, Norway May 26, 2021. Picture taken May 26, 2021. NTB/Stian Lysberg Solum via REUTERS/File Photo
OSLO (Reuters) – Norwegian Air is considering hedging some of its jet fuel costs as kerosene prices have fallen, its Chief Executive Geir Karlsen told Reuters on Thursday.
“It is our thinking now that we could add a bit of hedge,” Karlsen said.
The northwest European jet fuel price in the spot market soared to all-time highs above $1,600 per tonne in early March after Russia’s invasion of Ukraine.
It has since fallen back to around $1,264 on Thursday. On Aug. 8, it was as low as $1,000.
