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ADNOC Distribution to Join MSCI Emerging Index

ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
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ADNOC Distribution to Join MSCI Emerging Index

ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).
ADNOC Distribution hopes that joining the MSCI will attract foreign investors, which will support the diversification of the company’s investor base (WAM).

ADNOC Distribution, the UAE's largest fuel retailer, said on Wednesday that it will join the Morgan Stanley Capital International (MSCI) Emerging Markets index from May 27.

The fuel retailer will join nine other UAE-listed companies that are part of the index.

ADNOC Distribution's inclusion is expected to increase the attractiveness of its shares to potential international investors and help diversify the company’s investor base, the company said.

"Being included on the MSCI Emerging Markets Index is an important milestone in ADNOC Distribution’s thriving equity narrative," said Ahmed Al Shamsi, acting chief executive of ADNOC Distribution.

The inclusion in the index also reflected "the company's ability to grow", he added.

Profit for the first three months of the year reached AED631 million ($171.8 million).

ADNOC Distribution has also expanded beyond its home market of the UAE in recent years. The company plans to accelerate delivery momentum and open a total of 70 to 80 new stations across the UAE and Saudi Arabia by year-end, it said earlier this month.

It plans to open another 30 to 45 units in the UAE. In Saudi Arabia, the company is building on earlier agreements to acquire fuel stations that will expand its portfolio in the country to 37 units.

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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Steady as Markets Weigh Demand against US Inventories

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil prices were little changed on Thursday as investors weighed firm winter fuel demand expectations against large US fuel inventories and macroeconomic concerns.

Brent crude futures were down 3 cents at $76.13 a barrel by 1003 GMT. US West Texas Intermediate crude futures dipped 10 cents to $73.22.

Both benchmarks fell more than 1% on Wednesday as a stronger dollar and a bigger than expected rise in US fuel stockpiles pressured prices.

"The oil market is still grappling with opposite forces - seasonal demand to support the bulls and macro data that supports a stronger US dollar in the medium term ... that can put a ceiling to prevent the bulls from advancing further," said OANDA senior market analyst Kelvin Wong.

JPMorgan analysts expect oil demand for January to expand by 1.4 million barrels per day (bpd) year on year to 101.4 million bpd, primarily driven by increased use of heating fuels in the Northern Hemisphere.

"Global oil demand is expected to remain strong throughout January, fuelled by colder than normal winter conditions that are boosting heating fuel consumption, as well as an earlier onset of travel activities in China for the Lunar New Year holidays," the analysts said.

The market structure in Brent futures is also indicating that traders are becoming more concerned about supply tightening at the same time demand is increasing.

The premium of the front-month Brent contract over the six-month contract reached its widest since August on Wednesday. A widening of this backwardation, when futures for prompt delivery are higher than for later delivery, typically indicates that supply is declining or demand is increasing.

Nevertheless, official Energy Information Administration (EIA) data showed rising gasoline and distillates stockpiles in the United States last week.

The dollar strengthened further on Thursday, underpinned by rising Treasury yields ahead of US President-elect Donald Trump's entrance into the White House on Jan. 20.

Looking ahead, WTI crude oil is expected to oscillate within a range of $67.55 to $77.95 into February as the market awaits more clarity on Trump's administration policies and fresh fiscal stimulus measures out of China, OANDA's Wong said.