Chevron Corporation (NYSE: CVX) ended Thursday’s session (December 18, 2025) in the red, even as the broader market pushed higher—an underperformance that has traders scanning late-breaking energy headlines for a catalyst going into Friday’s open.
CVX closed at $147.69, down 1.22% in regular trading. In late U.S. after-hours trading, the stock was little changed around the high-$147s, suggesting investors were still digesting a fast-moving mix of geopolitical risk, LNG project news, and regulatory scrutiny tied to refining operations. [1]
Below is what mattered after the bell today—and what investors should keep on their radar before the U.S. stock market opens Friday, December 19, 2025.
Chevron stock after the bell: the numbers investors are reacting to
Chevron shares finished the regular session at $147.69 (-1.22%), trading between roughly $147.08 (low) and $149.25 (high), with about 6.53 million shares changing hands. [2]
After the close, quotes indicated minimal movement (hovering near $147.7 in after-hours), a sign that—at least immediately—none of the evening’s headlines triggered a decisive repricing. [3]
One important nuance: after-hours liquidity is thinner, so it often takes less volume to move the stock—especially when headlines hit in quick succession. (That matters tonight because several Chevron-relevant stories crossed around or after 4:00 p.m. ET.) [4]
Why CVX lagged even as the S&P 500 rose
While Chevron slipped, the S&P 500 rose 0.79% and the Dow added 0.14% on Thursday—classic “risk-on” tape action that makes Chevron’s decline stand out. [5]
Energy peers were also broadly weaker, indicating the move wasn’t purely Chevron-specific:
- ConocoPhillips fell 2.87%
- Exxon Mobil fell 0.74%
- Chevron fell 1.22% [6]
That pattern points to a familiar driver for integrated oil names: expectations for crude prices and product margins, not just company fundamentals.
The headline tape after hours: 4 Chevron-linked stories driving attention tonight
1) Venezuela tanker “blockade” risk—and Chevron’s authorized shipments
A major overhang for oil markets this week has been the U.S. administration’s Venezuela stance and the practical question of how enforcement would work.
Reuters reported that President Donald Trump ordered a “blockade” of sanctioned oil tankers entering/leaving Venezuela, while noting it was unclear how it would be imposed; the report also highlighted that Chevron transports Venezuelan oil in authorized ships. [7]
Then, in a separate Reuters update late Thursday, Venezuela authorized two unsanctioned VLCCs to depart, and Reuters also reported that Chevron exported a crude cargo on Thursday bound for the U.S. and said its Venezuela operations continued without disruption. [8]
Why this matters for CVX before Friday’s open:
Chevron is one of the few U.S. majors with a clearly defined, government-authorized channel tied to Venezuela flows. Any overnight clarification on enforcement—or new disruptions—can affect both oil prices and Chevron’s perceived operational risk. [9]
2) Oil prices stabilized—supported by sanctions headlines and supply-risk chatter
Oil settled only modestly higher Thursday as markets weighed Russia-sanctions risk and Venezuela supply uncertainty. Reuters reported Brent settled at $59.82 and WTI at $56.15. [10]
Reuters also cited ING analysts saying additional measures targeting Russian oil could pose a greater supply risk than the Venezuela tanker announcement—and noted that Chevron vessels were continuing to depart for the U.S. under a prior authorization. [11]
Chevron’s near-term sensitivity: even for an integrated major, day-to-day sentiment often tracks the crude tape. A firming in crude overnight can help premarket tone, while a reversal can pressure CVX regardless of company-specific news. [12]
3) A $35 billion Israel–Egypt gas deal tied to Leviathan
Another major headline for Chevron’s longer-dated gas portfolio: Reuters reported Egypt said the Israel gas deal is “strictly commercial,” after Israel approved an export agreement signed in August with Chevron and partners to supply up to $35 billion of gas to Egypt from the Leviathan field. [13]
The Reuters report also cited contract and volume details disclosed by NewMed, including about 130 bcm through 2040 (or until contract values are fulfilled). [14]
Why investors care:
This is the kind of multi-year, infrastructure-linked gas revenue stream that can improve visibility—especially if oil markets remain choppy. For Friday’s open, the key will be whether U.S. traders treat it as a meaningful positive catalyst or as “long-term good news” that doesn’t change near-term earnings. [15]
4) LNG curveball: Energy Transfer pauses Lake Charles LNG—Chevron had offtake exposure
Late Thursday, Reuters reported Energy Transfer was suspending development of its Lake Charles LNG export project. Importantly for Chevron, Reuters noted the suspension “could impact customers including Chevron,” and that Energy Transfer said in June it would supply Chevron with an additional 1 mtpa, bringing total contracted volumes to 3 mtpa. [16]
Reuters framed the move in the context of rising costs and concerns about a potential global LNG oversupply as new capacity comes online. [17]
Why this matters for CVX into Friday:
This is a true “after-the-bell” variable: it could be read as (a) a short-term negative to Chevron’s LNG supply planning, or (b) strategically neutral if Chevron can re-source volumes elsewhere—especially given how flexible many LNG portfolios have become. The key is whether traders interpret it as a Chevron issue or an Energy Transfer project issue. [18]
Refining and regulatory risk remains in focus: El Segundo fallout
A Los Angeles Times report revisited the Oct. 2 fire at Chevron’s El Segundo refinery, describing ongoing uncertainty about the incident’s cause and environmental fallout, and noting continued discussion around monitoring, reporting, and unplanned flaring incidents afterward. [19]
Even though this is not a same-day operational update, it matters because it reinforces a theme that can weigh on sentiment: regulatory scrutiny and reputational risk in California refining—an area where headlines can quickly turn into costs, downtime, or policy pressure. [20]
Forecasts hitting the tape today: oil price outlook is pulling in both directions
One reason energy stocks can feel “stuck” even when geopolitics heat up: major banks are also publishing forecasts that imply softer prices ahead.
Reuters reported Goldman Sachs expects oil prices to decline in 2026, with Brent averaging $56/bbl and WTI $52/bbl, absent major supply shocks or OPEC cuts (with recovery projected later in the decade). [21]
Meanwhile, Reuters’ oil-market coverage Thursday cited Bank of America analysts anticipating that if WTI averages about $57 in 2026, U.S. shale production could contract by around 70,000 bpd—a dynamic that could eventually help balance supply. [22]
Takeaway for Chevron stock:
Into Friday, CVX is trading between two narratives: (1) near-term supply risks that can lift crude, and (2) forward-looking forecasts that keep a lid on longer-term price expectations. [23]
What to know before the market opens Friday, Dec. 19, 2025
Here are the most practical “pre-open” checkpoints for Chevron (CVX) traders and long-term investors:
1) Overnight crude and headline volatility
If Brent/WTI move sharply overnight, CVX will likely follow the direction at the open—especially given how tightly integrated oils trade with the commodity tape day-to-day. Watch for any follow-up on Venezuela enforcement mechanics. [24]
2) Any new Venezuela shipping updates involving Chevron
Reuters has already reported Chevron continued authorized shipments, including a cargo bound for the U.S. on Thursday. Any overnight escalation—or reassurance—could affect both risk perception and crude pricing. [25]
3) Market digestion of Lake Charles LNG implications
Because the Energy Transfer decision broke late, the “real” price discovery may not happen until Friday’s regular session. Traders will be listening for any Chevron commentary or analyst reaction on whether the contracted 3 mtpa becomes a meaningful issue. [26]
4) Watch for follow-through on the Leviathan export deal narrative
The Leviathan-to-Egypt agreement is large and long-dated. Whether it becomes a catalyst for CVX in the next session depends on how prominently it appears in analyst notes and morning market briefings. [27]
5) Friday’s scheduled U.S. data that can move rates, the dollar—and energy sentiment
On Friday, key U.S. releases include Existing Home Sales (Nov) and University of Michigan Consumer Sentiment (Dec, final), per Scotiabank’s calendar. [28]
Separately, the BLS schedule shows multiple releases set for Dec. 19 at 10:00 a.m. ET, including Real Earnings (Nov 2025) and other labor/productivity-related publications. [29]
Also notable: the BEA has flagged that some releases originally scheduled for Dec. 19 (including Personal Income and Outlays) were rescheduled, which can change what traders expect from the macro calendar. [30]
6) Rates narrative risk: Fed leadership headlines
Broader market tone can matter for CVX—especially through the U.S. dollar and risk appetite. Reuters reported President Trump interviewed Fed Governor Christopher Waller as a potential future Fed Chair, adding a political and policy layer to rate expectations. [31]
A simple technical roadmap for Friday’s session
Based on Thursday’s trading range, two levels stand out for short-term traders:
- Near-term support: around $147 (Thursday’s intraday low zone) [32]
- Near-term resistance:$149–$150 area (Thursday’s high zone and a psychologically important round-number region) [33]
If oil pops overnight and CVX reclaims the upper end of that range early, momentum traders may treat it as a “risk-on energy” signal. If crude rolls over and CVX breaks below the lower end, the market may frame it as renewed skepticism on 2026 pricing and margins. [34]
Bottom line for Chevron stock heading into Friday’s open
Chevron stock is ending Dec. 18 with a softer close but a steady after-hours tape, while investors weigh a uniquely Chevron-specific set of developments: authorized Venezuela shipments amid enforcement uncertainty, a major Eastern Mediterranean gas export agreement, and a new LNG project setback that touched Chevron’s contracted volumes—all against a backdrop of mixed 2026 oil forecasts. [35]
If you want a quick “one-line” read going into tomorrow: CVX’s Friday open is likely to be decided by overnight oil direction and the market’s first full reaction to late-breaking LNG and Venezuela headlines. [36]
References
1. www.marketwatch.com, 2. www.investing.com, 3. finance.yahoo.com, 4. www.reuters.com, 5. www.marketwatch.com, 6. www.marketwatch.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.reuters.com, 10. www.reuters.com, 11. www.reuters.com, 12. www.reuters.com, 13. www.reuters.com, 14. www.reuters.com, 15. www.reuters.com, 16. www.reuters.com, 17. www.reuters.com, 18. www.reuters.com, 19. www.latimes.com, 20. www.latimes.com, 21. www.reuters.com, 22. www.reuters.com, 23. www.reuters.com, 24. www.reuters.com, 25. www.reuters.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.scotiabank.com, 29. www.bls.gov, 30. www.bea.gov, 31. www.reuters.com, 32. www.investing.com, 33. www.investing.com, 34. www.reuters.com, 35. www.marketwatch.com, 36. www.reuters.com
