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FAB Keeps Adnoc Gas at Buy After 'Resilient' Q1 Results
FAB Securities maintained its investment opinion on Adnoc Gas (ADX:ADNOCGAS) as it took note of the natural gas distribution company's first-quarter earnings."We maintain our BUY rating on ADNOCGAS with a target price of AED 4.30. ADNOC Gas delivered a resilient operational and financial performance in 1Q26, despite a challenging geopolitical backdrop that disrupted regional trade activity and export operations," analysts said in a Monday note. "The temporary closure of the Strait of Hormuz during March 2026 materially impacted LNG, LPG and Naphtha exports, resulting in lower sales volumes and softer earnings during the quarter. However, the Company continued to benefit from its integrated infrastructure, operational flexibility and resilient domestic gas business," FAB added.The Abu Dhabi-listed company logged a 15% year-over-year decline in first-quarter net profit to $1.08 billion, surpassing the research firm's $1.01 billion estimate. Adnoc Gas' net revenue decreased 13.6% annually to $4.03 billion, compared with FAB Securities' $4.06 billion forecast.
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Market Chatter: UAE's Adnoc Reportedly Continues Energy Exports via Hormuz
Abu Dhabi National Oil Co, or Adnoc, is said to be quietly transporting its oil and gas shipments through the Strait of Hormuz using its own fleet by employing so-called dark transit and other practices.Bloomberg News reported Monday, citing tracking data, traders, and people with knowledge of the matter, that the United Arab Emirates-based oil producer continues to export energy despite the Iranian navy and the US warships' blockade by switching off its vessels' tracking transponders while crossing the strait.The vessels include crude and clean petroleum product tankers, and gas carriers controlled by Navig8, which is majority-owned by Adnoc Logistics and Services (ADX:ADNOCLS), the report said.Adnoc did not immediately respond to a request for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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Saudi Aramco Hikes LPG Contract Prices for June
Saudi Arabian Oil Company (SASE:2222), d/b/a Saudi Aramco, flagged higher monthly contract prices for liquefied petroleum gas in June, according to a statement on Monday.The state-run oil company set contract prices at $760 per metric tonne for propane and at $820 per metric tonne for butane. In May, propane sold at $750 per metric tonne, while butane sold at $800 per metric tonne.
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