alaska air group inc alk disclosed tuesday that it raised it guidance for firstquarter economic fuel cost to 260 to 265 per gallon from 245 to 250 per gallon the air carriers stock which has tumbled 170 over the past three days to close monday at a 16month low was indicated up more than 3 in premarket trading the company said given the sharp increase in fuel prices it has slightly moderated its capacity outlook for the year and now expects capacity to be down 3 to 5 in the first half of 2022 the company said it is still planning for a return to 100 of precovid capacity by summer followed by growth in the second half of the year the adjusted outlook for fuel costs and capacity follows volatility in oil prices as a result of russias invasion of ukraine continuous crude oil futures cl00 rose 28 early tuesday to 12274 putting them on track for the highest close since august 2008 alaska airs stock has shed 151 over the past three months while the us global jets etf jets has dropped 217 and the sp 500 spx has declined 106