Is Herd Mentality Driving Commodity Hedging?

I recently read an article detailing how European airlines lost $4.66 Billion* last year through poorly managed fuel hedges.  As a hedging practitioner who teaches commodity and financial markets hedging at the University of Colorado in Denver, I found this to be a textbook example for explaining to my students why the hedges used by many companies are poorly placed and potentially dangerous. If the hedge used by the European…