z energy

Consumer NZ is accusing Z Energy of profiting from misleading sustainability messaging. 

The organisation teamed up with the Environmental Law Initiative and Lawyers for Climate Action New Zealand Inc to seek a High Court declaration for Z's breaches of the Fair Trading Act.

Chief executive Jon Duffy says the evidence contradicts Z Energy's climate-focused public messaging. 

"We don't think that stacks up, and consumers shouldn't be misled into thinking that their purchase of an inherently damaging product is somehow better at this company over other companies."

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Consumer NZ is accusing Z Energy of profiting from misleading sustainability messaging. 

The organisation teamed up with the Environmental Law Initiative and Lawyers for Climate Action New Zealand Inc to seek a High Court declaration for Z's breaches of the Fair Trading Act.

Chief executive Jon Duffy says the evidence contradicts Z Energy's climate-focused public messaging. 

"We don't think that stacks up, and consumers shouldn't be misled into thinking that their purchase of an inherently damaging product is somehow better at this company over other companies."

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Z Energy says demand for petrol is falling substantially, due to fuel price spikes and lifestyle changes among Kiwis.

Brent crude oil prices are at a 10-month high, with 91 fuel reaching $3.20 a litre in some parts of the country.

Retail General Manager, Andy Baird says demand for jet fuel remains strong, while the consumer market is under pressure.

"And that's, we think, just a factor of the pre-Covid piece. Consumers can work from home and they're doing that, so that's 2 or 3 trips a week they're now not taking. And of course, the weather hasn't been great either, so those weekend trips are down as well."

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Z Energy says demand for petrol is falling substantially, due to fuel price spikes and lifestyle changes among Kiwis.

Brent crude oil prices are at a 10-month high, with 91 fuel reaching $3.20 a litre in some parts of the country.

Retail General Manager, Andy Baird says demand for jet fuel remains strong, while the consumer market is under pressure.

"And that's, we think, just a factor of the pre-Covid piece. Consumers can work from home and they're doing that, so that's 2 or 3 trips a week they're now not taking. And of course, the weather hasn't been great either, so those weekend trips are down as well."

LISTEN ABOVE

See omnystudio.com/listener for privacy information.

Taking your electric vehicle on holiday may be about to get easier.

ChargeNet, Z Energy, and Openloop have come together to launch a charging roaming trial, which would allow drivers to charge at any of the three networks.

Currently New Zealand drivers need individual memberships with each charging provider.

ChargeNet Chief Operating Officer Martin Miles says this move will help to attract more people to this sustainable mode of travel.

He says they want to make charging point access as simple as possible.

The trial starts early next year.

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Holiday travellers may have to expect disruptions to their upcoming plans after a bad batch of fuel forces airlines to ration.

The bad batch was sent out to Z Energy, who have since apologised for not noticing the shipment was faulty until it was too late.

Infometrics Principal Economist Brad Olsen says that this shortage draws attention to the fact that New Zealand doesn't have a huge amount of fuel stocked up.

Brad Olsen also stated that that the closure of Marsden Point paired with this upcoming busy travel season makes the markets particularly vulnerable.

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Rising bond yields and stagflation fears weighed down on the market yesterday and the ASX200 closed in the red. 

In New York overnight, all three major indices closed lower, amid rising oil prices and economic worries. 

Following US equities, the SPI futures are suggesting the ASX200 will fall 0.3% at the open this morning. 

What to watch today:

• In economic news, business confidence data for September will be released at 10:30am AEDT. The business confidence index rose to -5 in August from -7 in July. Forecasts expect the index to rise to -2 in September. Confidence has been improving in transport, finance, business and property, while remaining weak in construction, mining and retail. 
• Keep watch of petroleum company Ampol (ASX:ALD). The company will acquire all of Z Energy shares (ASX:ZEL) for NZ$3.78 cash per share. This is a $1.9 billion acquisition that looks to fast track a transition to electric vehicles. ZEL rose 5.9% yesterday, while ALD rose 2.9%. 
• One of the most traded stocks by Bell Direct clients yesterday was Star Entertainment (ASX:SGR). Its share price tumbled 22.9%, amid suspected money laundering, fraud and organised crime at its casinos. Bell Direct and advised clients were also trading BHP (ASX:BHP) and Fortescue Metals (ASX:FMG), after the iron ore price jumped as Chinese markets returned from national holidays. FMG, which is currently a Bell Potter BUY, has also just announced its plans to build a hydrogen-equipment factory in Gladstone in Central Queensland.   
• Reece (ASX:REH) is set to go ex-dividend today. 
• The oil price continues to trade higher, above US$80. Crude oil futures rose to a record high US$82.14 a barrel.
• Spot gold is trading steady, while copper is higher. While the seaborne iron ore price has jumped more than 6%, trading at US$130.24 a tonne. 

Trading ideas:

• Bell Potter maintain their BUY rating on Imdex (ASX:IMD), after a positive first quarter trading update. They have increased their price target from $2.85 to $3.00, with a strong outlook for FY22 revenue growth and margin expansion. 
• Bullish charting signals have been identified in Firefinch (ASX:FFX), De Grey Mining (ASX:DEG) and KGL Resources (ASX:KGL), according to Trading Central.