You guys do understand that these hedging losses the airlines are reporting this quarter are just on paper, right? No cash is actually being lost.
It's like when your 401k goes up big last quarter and then loses some of that gain this quarter. The airlines showed big paper gains (again, no cash) the previous quarter(s) when the value of the hedges that they were holding exploded due to the rapidly rising oil prices. Now they've given back a large percentage of those "paper gains" as "paper losses". If oil prices go back up, as OPEC is currently meeting in an attempt to arrange, these exact same hedges will once again book large "paper gains".
They have not lost any actual money on these hedges.