Singapore Airlines records $710 million Q1 hedging loss

The  recent dramatic fall in oil prices saw Singapore Airlines record a $710 million mark-to-market loss on its fuel hedging programme in the first quarter, a figure just shy of the carrier’s net fuel bill of $1,080 billion and with further losses  predicted for the second quarter at least. Collapsing demand due to COVID 19, and Saudi Arabia ramping up production as part of a price war, saw US oil prices turn negative on April on 20 when the West Texas Intermediate benchmark hit an all-time low of minus $37.63 a barrel. Brent remained positive at $26 dollars on the