(1) Because airlines are worried about rising spot prices, they should buy hedging.

(2) Futures market: (135-1kloc-0/) * 5000 =170000 yuan (profit).

Spot market: (95-120) * 5000 =-125000 yuan (loss)

(3) The profit and loss of the two markets are:170000-125000 = 45000 yuan (profit).