Alaska raises Q3 fuel price guidance

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Alaska Air Group anticipates that it will pay $3.23 per gallon for jet fuel in the third quarter, adjusting its guidance up from last month.

The Seattle-based airline says that the guidance is on par with what it paid for fuel during the third quarter of 2011, according to an investor update. It previously anticipated that it would pay $3.09 per gallon during the quarter.

The five-day moving average price of jet fuel was about $125 per barrel during the week beginning 6 August, according to industry body Airlines for America (A4A). This is up from about $110 per barrel in June but down from a peak of just under $140 per barrel in late February and early March.

Alaska also updated its advance bookings guidance with August flat, September down half a percentage point and October up 1.5 points compared to the same months in 2011.

The airline previously anticipated that August bookings would be up 1.5 percentage points and September up one point versus a year earlier.