Jet Fuel Surges to $1,300 per Ton as 6 Million European Seats Are Cut
Jet fuel prices jumped to between $1,200 and $1,300 per ton, leading airlines to cut nearly 6 million winter seats, while Ryanair warned of price hikes of up to 20% next summer.
Jet fuel prices jumped to between $1,200 and $1,300 per ton in six-month futures, compared to a benchmark that typically exceeds $700, according to Greek newspaper Ta Nea.
This surge led to the cancellation of around 6 million seats from fourth-quarter schedules for 2026, according to Cirium estimates reported by the Financial Times, while easyJet confirms it will cut an additional 700,000 winter seats.
For his part, Ryanair CEO Michael O'Leary warned that ticket prices next summer could rise by up to 20%, while Delta's third-quarter fuel costs rose 62% year-on-year to $4.1 billion.
The industry believes that fuel prices remaining high for additional months will exert direct pressure on airline margins and seat prices, especially for low-cost carriers, which are most sensitive to operating costs.
What Do These Terms Mean?
Jet Fuel: A type of kerosene designed for jet aircraft engines, representing the largest operational cost item for airlines after wages.
Futures Contracts: Agreements that specify the delivery price of a commodity at a future date, serving as an indicator of market expectations for fuel prices in the coming months.
Capacity: The number of seats available for sale on an airline's flights over a period of time, measured in seats to gauge the scale of expansion or contraction in supply.
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