March 25, 2026 | Emerging Markets Debt

Latin American Airlines’ Fuel Shock Response

Latin American airlines are tactically hedging fuel and leveraging stronger market dynamics to better absorb oil-price volatility.

I’m back in Miami for JPM’s Global Emerging Market Corporate Conference, and many conversations this year were anchored on geopolitics and how that transmits into fundamentals. Developments in GCC have pushed oil prices higher, and it’s interesting how differently the sectors are responding to that kind of shocks. Airlines in Latin America offer a useful read-through in how fuel risk is managed. The companies that we talked to stepped in tactically, hedging a substantial portion of their fuel consumption over the next few months. Historically, the airlines in the region have been able to pass through fuel-price volatility, but what’s different today is that this ability is reinforced by stronger market positions, shorter booking curves, strong demand, and a more rational competitive environment.

Filmed March 2026

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Topics: Commodities Geopolitics Latin America

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