Investing.com – Delta Air Lines stock (NYSE:) slumped 5.4% Wednesday as the airline’s warning of a fourth-quarter loss was too much to take for traders even as it managed to report its first quarterly profit since the start of the pandemic.

Chief Executive Officer Ed Bastian blamed record high crude prices for the company’s pessimism. US WTI crude oil for November delivery surpassed $82 per barrel Monday, reaching a multiyear high.

“While demand continues to improve, the recent rise in fuel prices will pressure our ability to remain profitable for the December quarter,” Bastian said in a note.

Bastian said that Delta’s operating expenses for the third quarter were almost 20% due to fuel costs. Bastian stated that each 5-cent rise in fuel prices causes the expense to increase by around $40 million.

Delta President Glen Hauenstein said the airline expects total December-quarter revenue to recover to the low 70s percentage relative to 2019 quarter’s $11.4 billion.

The current quarter sees the capacity being restored to 80%, compared to the same time in 2019.

Due to a steady increase in travel demand, the airline said that September-quarter revenues were two-thirds higher than 2019, or 66%. Adjusted operating revenues of $8.3 billion were achieved with a capacity that has been restored to 71%.

Remuneration Starting at American Express (NYSE) reported that the quarter saw $1 billion surpassing September’s. That is an increase in 1%.

The September quarter adjusted pre-tax income reached $216 million

According to the company’s data, transatlantic travel has experienced the highest growth due to Europe and the U.S. easing restrictions on air travel. The most recuperated entities had a higher percentage of premium cabins than the main cabin. The paid premium cabin load factors performed better, too. According to the airline, this trend should increase as other companies experience increased premium revenues.

The demand from corporates was steady, but it fell below expectations because businesses delayed opening offices.