Wizz Air increases fuel hedging position

Low-cost airline Wizz Air assured investors that it had taken advantage of lower fuel prices over the summer period, slightly softening the blow of the significant increase in fuel prices seen over recent days.

Wizz Air said on Tuesday that it had increased its hedge position beyond the minimum 50% level of projected jet fuel requirements for the next twelve months and 40% on an 18-month hedge horizon that it typically required of itself.

Attacks on the Saudi Arabia over the weekend triggered the biggest one-day spike in oil prices ever as 5.7m barrels of Saudi's daily crude oil production, or almost 6.0% of the world's supplies, were taken offline.

The shockwaves were being felt in financial markets across the world, with US airline stocks like Delta, JetBlue Airways, American Airlines and United Airlines all closing at least 3% lower on Monday.

As of 0830 BST, Wizz shares had dipped 0.46% to 3,356.50p.