Southwest was famously killing it during the oil shocks of the 1990s and 2000s because they had the foresight to buy futures when spot prices were low. See https://southwest50.com/our-stories/the-southwest-jet-fuel-h... - I used to joke that Southwest was a futures trader disguised as an airline.

Unfortunately they ditched the strategy last year, claiming the costs were no longer worth the benefits: https://www.wsj.com/articles/why-southwest-airlines-finally-... and http://www.wsj.com/articles/airlines-pull-back-on-hedging-fu...

I bet they’re regretting that decision now.