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ADNOC Gas Commits $8bn, Houthis Strike a Refinery, and the Riyal Closes at 3.7500
A capex announcement, an attack on downstream infrastructure, and two pegs that did not blink — the evening wrap for Monday.
The dirham closed at 3.6725 and the riyal at 3.7500. That is the entire currency story of the day, and in a session that included an explosion in Jubail, a Houthi strike on a Saudi refinery, and an $8bn downstream capex announcement from ADNOC Gas, the fact that the pegs did not so much as twitch is itself the wrap. The mechanism is boring by design: SAMA and the CBUAE quote a rate, they defend it with reserves, and reserves are backed by hydrocarbons priced in the very currency to which the peg…
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