Riyadh, Feb 7, 2026, 18:01 (GMT+3) — The market has closed.
Merrill Lynch Kingdom of Saudi Arabia is set to halt its market-making for Saudi Arabian Oil Co (2222) as of Feb. 8, after the Saudi Exchange signed off on the firm’s request, according to a notice from the exchange.
This matters: market making, where a broker posts ongoing buy and sell quotes, helps keep trading orderly and narrows bid-ask spreads. Without it, liquidity can evaporate quickly—most noticeably in that first hour after the open.
Crude remains the dominant force here. Saudi Aramco’s stock often shifts alongside oil, and traders pay close attention to its monthly pricing for refiners, seeing those changes as an indicator—albeit an imperfect one—of demand.
Aramco slipped 0.06 riyal to finish Thursday at 25.60 riyals, having moved within a narrow 25.46–25.62 range. Roughly 22.1 million shares were traded, according to Saudi Exchange data.
Heading into the weekend, the mood darkened. Saudi Arabia’s main index dropped 1.3% on Thursday after Brent crude lost 2.2%, settling at $67.93 a barrel, according to Reuters. “Market sentiment shifted to a risk-off mode,” said Daniel Takieddine, CEO of Sky Links Capital Group. Reuters
Oil prices clawed higher Friday, though the mood remained unsettled. Brent closed at $68.05 a barrel, a 0.74% gain, as traders factored in regional uncertainties, Reuters reported. “It’s status quo nervousness over Iran,” said John Kilduff, partner at Again Capital. Reuters
Aramco priced its Arab Light crude for March delivery to North America at a $2.10 premium over the Argus Sour Crude Index, Argaam reported. For Western Europe, the company posted a $0.65 markup versus ICE Brent, while barrels headed to Europe and the Mediterranean landed $0.85 under Brent, the report said.
Aramco’s OSP sets monthly contract prices, pegged as a premium or discount to local benchmarks. Even minor price tweaks can ripple through refinery economics.
Traders eye the Sunday open, watching for spreads to stretch and volumes to thin as the market-making deal wraps up. Oil’s move could overshadow everything else. Still, when liquidity drops, that first swing can get amplified.
The risk is clear enough: if crude drops once more, the stock could go with it. Oil prices wobble, investors start to fret about oversupply or softening demand, and Aramco ends up under pressure—regardless of whether the company puts out any new news.
Mark March 10—Aramco’s financial calendar has full-year 2025 results landing then. Market focus is set on any tweaks to dividend signals or capex guidance, while oil prices remain the main driver.
