NEW YORK, December 31, 2025, 20:08 ET — Market closed.
- Chevron shares closed up about 0.1% at $152.41 in the final U.S. session of 2025.
- Oil ended the year down nearly 20%, keeping energy cash-flow assumptions in focus for 2026.
- New Venezuela sanctions and fresh disruption at Kazakhstan’s main export terminal added to supply uncertainty.
Chevron Corp (CVX) shares edged up 0.1% to $152.41 on Wednesday, trading between $151.67 and $152.55 on volume of about 3.2 million shares. 1
That quiet finish capped a year-end stretch in which energy stocks have taken their cues from crude benchmarks, as investors reset 2026 profit and cash-return expectations for the oil majors.
Politics and logistics stayed in the mix. The U.S. Treasury sanctioned four companies it said were operating in Venezuela’s oil sector and four vessels on Wednesday, as President Donald Trump’s administration steps up pressure on President Nicolas Maduro. 2
Officials described some targeted ships as part of a “shadow fleet” — older tankers with opaque ownership that can move sanctioned oil without the insurance cover oil majors and many ports require. 2
In commodities, Brent settled at $60.85 a barrel and U.S. West Texas Intermediate at $57.42, and both contracts ended 2025 down around 19-20%. BNP Paribas commodities analyst Jason Ying said he expects Brent to dip to $55 in the first quarter before recovering to $60 for the rest of 2026. 3
The U.S. Energy Information Administration said crude inventories fell by 1.9 million barrels last week, but gasoline and distillate stockpiles rose more than expected. “Year-end numbers tend to be distorted,” said Josh Young, chief investment officer for Bison Interests. 4
Outside the U.S., the Caspian Pipeline Consortium (CPC) — a key route for Kazakhstan crude via Russia’s Black Sea terminal — said it suspended oil exports on Monday due to bad weather and halted oil intake because reservoirs were full. The terminal handles about 80% of Kazakhstan’s oil exports, and an industry source told Reuters Kazakhstan shipments via CPC were down 19% in December from November’s average to 1.082 million barrels per day. 5
In Venezuela, oil exports in December fell to about half the 950,000 barrels per day they averaged in November, Reuters reported, as the U.S. blockade on sanctioned vessels chilled shipping. Ships chartered by Chevron are among the few still setting sail with Venezuelan crude under Washington’s authorization, Reuters reported. 6
Chevron’s muted finish came as Wall Street’s major indexes ended lower in thin year-end trade and energy stocks were among the sector laggards, Reuters said. Exxon Mobil fell about 0.5% and ConocoPhillips slipped about 0.5%, while U.S. markets are closed on Thursday for New Year’s Day. 7
Before the next session, investors will be watching whether oil prices stabilize after the holiday break and whether Venezuelan sanctions or CPC loadings become a tighter constraint on near-term supply. Oil traders are also looking ahead to the Jan. 4 OPEC+ meeting; OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. 3
Chevron’s next scheduled catalyst is quarterly results, with financial calendars pointing to an earnings report around Jan. 30. Chart watchers are also tracking whether CVX breaks out of Wednesday’s $151.67-$152.55 range in the first full week of January. 8
