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The pandemic caused some airlines to realize very large losses on their hedge position. What was the primary driver of the large losses? Decrease in

The pandemic caused some airlines to realize very large losses on their hedge position. What was the primary driver of the large losses?

Decrease in passenger air travel

Volatile oil prices

Hedge basis issue, jet fuel and oil prices moved in opposite directions, rendering the hedge useless

Producers inability to deliver the needed fuel due to the coronavirus

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