Fuel prices are very stable at the moment, but I'm reading that oil storage in the U.S is full and VLCC's are being used as storage in harbors now as there is no place available to store what they have on board. I hope the government has restarted buying crude for the strategic reserve now as prices are so low. I can't imagine they will stay that way for long though, as summer driving and construction picks up. Prices will surely rise, plus, lots of states are now increasing fuel taxes. The economy may prove me wrong if it keeps going south.
There were some firms that bought futures a couple of years ago that did well last year. They didn't take delivery of any at the time of purchase, just later on as they needed it. Some Airlines do this too, but they can predict fuel consumption from past needs, others that have some yearly consumption figures could possibly do that. It's risky if prices drop, if they go up the purchasing agent becomes a hero. Most of these firms use a lot of fuel, so it doesn't sit long.
I can't see much justification for hedging on small lots. The savings isn't that much and fuel taxes are a write off on business returns anyway. Nate McMurtrey has another good point. Diesel doesn't store well for long periods of time, especially in above ground tanks. On older engines that wasn't so bad, they could handle fairly cruddy fuel so long as it was well filtered. Newer diesels, it's too much of a risk.
