Air Canada said it hedged about 30% of its jet fuel costs as it re-enters the oil derivatives market after about four years.

The company hedged about 30% of its anticipated purchases of jet fuel for the third quarter using call options that have a fair value of $19 million, according to an earnings release.

The move marks a return to hedging for Air Canada, which, until 2019, routinely protected its fuel purchases. Airlines have been burned repeatedly in the past from their hedging practices, most recently during the pandemic, when several firms found themselves overprotected as passengers stayed home. But as oil prices have surged over the past year and travel demand boomed, those with coverage have reaped massive windfalls.

The decision to hedge was opportunistic, with fuel prices having stabilized at lower levels than seen previously in the year, the company said on an earnings call Friday. Still, Air Canada is unlikely to hedge regularly going forward, the company said.