Carrom -- this is interesting
https://crucialperspective.com/risin...irline-stocks/
Even though it says
INVESTORS TEND TO AVOID AIRLINE STOCKS WHEN OIL PRICES RISE – NEARLY 90% OF THE ASIA PACIFIC AIRLINE STOCKS HAVE HISTORICALLY BEEN NEGATIVELY CORRELATED WITH SPOT JET FUEL PRICES
it also says
AUSTRALIA/NEW ZEALAND AND JAPANESE CARRIERS HAVE THE MOST DEFENSIVE EARNINGS AGAINST HIGHER OIL PRICES
and the bottom chart shows AIR has only a slightly negative correlation (not significant) between share price and fuel -- as Hoops old chart showed
Let me know if you are now a lot wiser ...