[Toddsterpatriot]

If you genuinely plan to take delivery of the contract, you’re hedging.

And like I said, Southwest does not take delivery of the oil contracts they buy.

[canuck_conservative]

And like I said, Southwest does not take delivery of the oil contracts they buy.

Wellllll ..... they will buy a product that comes from the oil (i.e., jet fuel), so they're sort-of using the oil futures contract as proxy protection - since there's no direct futures contracts avaiable for jet fuel.

It's not like they're betting on something totally unrelated to their core business, such as pork bellies, sugar, etc.