$DAL

Normally, rising oil is negative for aviation. Because jet fuel is one of the biggest variable costs for airlines. When oil rises, fuel expenses increase, margins narrow, and the company either has to raise ticket prices or sacrifice profitability. That is why the classic equation is this: oil up, airlines under pressure.
However, the most unique feature that separates Delta from all other U.S. airlines is that it owns the Monroe Energy refinery in Pennsylvania. When crack spreads surge, even though costs increase on the airline side, the refinery side can generate massive profits. So it has a physical hedge.
Also, because of supply chain issues and especially the production/safety crises at Boeing, new aircraft are not entering the market. Limited capacity allows airlines to keep pricing power at historically high levels. When seats are limited and demand is high, fuel costs can be absorbed more easily.
It is about to break the triangle!