I mentioned on Wednesday the number of companies referring to being protected by hedges covering future production and, on the other side of these, the example of airlines who buy fuel forwards. 

They’re looking at paying out hundreds of millions now on these hedges, which wouldn’t be a problem if they actually were buying and using an equivalent amount of fuel bought at the new lower market price, since that hedged price was what they were basing all their forward pricing calculations upon.  There was some interesting information last week regarding demand in Spain as pipeline CLH is publishing its data and offering a unique view on lockdown impact.  Petrol is down 75%, diesel is down 55% and jet-fuel is down a massive 93%.  You can see the size of the problem.