NEW YORK, Jan 3, 2026, 15:01 ET — Market closed
U.S. President Donald Trump said American oil companies were prepared to invest billions of dollars to restore Venezuela’s oil production after Nicolás Maduro was captured and removed by U.S. forces, putting Chevron’s Venezuela footprint back on traders’ screens ahead of Monday’s open. Chevron said it was focused on employee safety and the integrity of its assets, and said it continued to operate in compliance with relevant laws and regulations; Trump said a U.S. embargo on Venezuelan oil remained in effect. Reuters
The stakes are high because Venezuela holds the world’s largest oil reserves, but years of underinvestment and sanctions have left output far below capacity, a Reuters factbox showed. “History shows that forced regime change rarely stabilises oil supply quickly,” said Jorge Leon, head of geopolitical analysis at Rystad Energy, pointing to Libya and Iraq as precedents. Reuters
Oil prices started 2026 near multi-month lows after a steep 2025 decline, with Brent around $61 a barrel and U.S. West Texas Intermediate (WTI) near $58 in early trade, as oversupply worries kept a lid on the market despite fresh geopolitical risk. Reuters
Chevron shares last ended Friday up about 2.3% at $155.90.
The stock traded between $151.25 and $155.90 in the session, with volume near 6.9 million shares, according to Yahoo Finance data. Yahoo Finance
Chevron’s gain came as energy shares helped prop up U.S. value sectors in the first session of 2026, while the broader market finished mixed, a Reuters market wrap showed. Reuters
Peers also finished higher on Friday: Exxon Mobil closed up about 1.9% and ConocoPhillips rose about 3.3%, reflecting a sector-wide bid despite choppy crude.
In Venezuela, state-run PDVSA’s oil production and refining were operating normally on Saturday and suffered no damage from the U.S. strike, two sources familiar with operations told Reuters. The report said U.S. measures announced in December—including a tanker blockade and seizures—had sharply constrained exports and pushed inventories higher. Reuters
On the analyst front, Citi lowered its price target on Chevron to $179 from $185 while keeping a Buy rating, citing updated estimates tied to fourth-quarter macro assumptions and operational factors. (A price target is a broker’s estimate of where a stock could trade over a set horizon.) TipRanks
Before the next session, traders will watch an OPEC+ meeting scheduled for Sunday, Jan. 4, where the group is expected to hold its output policy steady as it tries to manage a market fretting over excess supply. OPEC+ is the Organization of the Petroleum Exporting Countries plus allies including Russia. Reuters
Before Monday’s open, investors will also look for clarity on how Washington intends to enforce—or potentially adjust—Venezuela-related sanctions and licensing, and what that means for flows into the U.S. Gulf Coast refining system. Macro focus stays on early-January U.S. data, including the Jan. 9 jobs report, which investors use to gauge the Federal Reserve’s next move on rates. Reuters
Chevron’s next major company catalyst is quarterly results: the company has not confirmed a date yet, but earnings calendars such as Zacks expect a late-January report, around Jan. 30. On the charts, traders often watch “support” and “resistance” levels—areas where buying or selling pressure can cluster—with Barchart placing first support near $152.80 and first resistance around $157.45. Zacks
