New York, February 18, 2026, 09:12 EST — Premarket
- American Airlines slipped roughly 1.6% before the bell, giving back part of Tuesday’s 3.75% climb.
- Oil surged close to 3%, turning the spotlight once again on airline fuel costs before the bell.
- Appaloosa, the hedge fund run by David Tepper, disclosed a bigger stake in American Airlines in its most recent 13F filing.
American Airlines Group Inc slipped 1.6% to $14.17 ahead of the open Wednesday, giving back some of Tuesday’s 3.75% jump that had taken the stock up to $14.40. 1
Timing counts here. Crude shifts tend to jolt airline stocks fast—jet fuel eats into their margins, and it’s chained to oil. On Wednesday, energy took the spotlight again; seat maps and summer bookings barely registered.
Brent crude climbed 2.7% to $69.27 a barrel, while U.S. West Texas Intermediate settled up 2.9% at $64.11 following the sudden breakdown of Ukraine-Russia negotiations in Geneva, according to Reuters. 2
After tumbling on Tuesday—Brent closing at $67.42, WTI at $62.33—oil found some footing. That drop came as traders digested fresh momentum in U.S.-Iran nuclear negotiations, according to Reuters. “Volatility to continue due to geopolitical tensions,” said Sugandha Sachdeva, founder of SS WealthStreet. 3
There was also a fresh look at hedge fund moves. Appaloosa LP, run by David Tepper, disclosed a stake of 14.15 million American Airlines shares as of Dec. 31, according to its latest 13F—an increase of 4.9 million from the previous quarter. Sec 4
Shares of American Airlines moved higher Tuesday, tracking gains across airline stocks. UBS bumped up Southwest Airlines, driving the sector, after analyst Atul Maheswari pointed to “upside potential” tied to the carrier’s extra-legroom and assigned seating plans, Investing.com reported. 5
There wasn’t much in the way of fresh corporate headlines from the company overnight. Earlier this week, though, it did announce it’s stepping in as the first “Official Airline” sponsor for Women in Aviation International’s annual conference in Dallas-Fort Worth. 6
For American, it’s pretty simple right now—cheaper fuel pads margins, pricier fuel cuts them. On days like this, crude tends to overshadow the smaller details.
But here’s the hitch: should oil’s rally hold, or if geopolitical flare-ups trigger a supply shock, airlines could quickly lose their edge. Investors, already on edge about costs and whether carriers will keep pricing in check as the spring shoulder season approaches, would have little patience for another squeeze.
Next up for traders: the weekly U.S. inventory readings. The American Petroleum Institute drops its report later Wednesday, then the U.S. Energy Information Administration follows with its numbers on Thursday. Any new headlines out of the U.S.-Iran channel will also be on the radar.
