FACTBOX-European airlines' fuel hedging positions

LONDON, Nov 13 (Reuters) - Sharply falling crude oil LCOc1
prices since record highs of $147 a barrel in June have put
airlines' hedging activities once again in the spotlight
[ID:LD409660].

Jet fuel JET-C-NWE is the biggest cost for budget carriers
and usually ranks second behind wages for traditional airlines.

Below are the latest average hedging positions for Europe's
'big five' airlines, sourced from the companies. (arranged
alphabetically):

AIRLINE PCT HEDGED PERIOD PRICE/BBL Air

Air France-KLM 81 2007-08 $82

(AIRF.PA) 94 2008-09 $83.8

69 2009-10 $78.3

(using Brent IPE as hedging instrument)

British Airways 80 Sept-Dec'08 $96

(BAY.L) 70 Jan-Mar '09 $95

c.40 2009/10 $94

easyJet Update due November 18

(EZJ.L)

Lufthansa 72 2008 Not disclosed

(LHAG.DE) 57 2009

17 2010

(Lufthansa lost around 13 percent of its

2008 hedging due to the collapse of Lehman

Brothers)

Ryanair 0 April-Sept '08 N/A

(RYA.I) 80 Sept-Dec '08 $124

0 Dec-Mar '09 N/A

25 Mar-Sept '09 $77
(Reporting by John Bowker in London, Maria Sheahan in
Frankfurt, Bill Rigby in New York, and Andras Gergely in Dublin;
Editing by Chris Wickham)