NEW YORK, Jan 3, 2026, 18:26 ET — Market closed
- U.S. President Donald Trump said U.S. forces attacked Venezuela and captured President Nicolas Maduro, putting Venezuela’s oil outlook back in play. 1
- Venezuela’s oil exports were “paralyzed” on Saturday, sources told Reuters, with loaded ships not cleared to depart. 2
- Phillips 66 closed up 1.19% on Friday; investors are set to test the news impact when trading resumes Monday.
Phillips 66 shares are set to be in focus when U.S. markets reopen after President Donald Trump said U.S. forces attacked Venezuela and captured President Nicolas Maduro on Saturday. Maduro is expected to appear in Manhattan federal court on Monday and the U.N. Security Council is due to meet over the U.S. action, Reuters reported. 1
The developments matter for refiners because Venezuela’s crude is predominantly heavy oil — a thicker, lower-quality grade that many complex Gulf Coast refineries are built to process. Shifts in heavy-crude availability can quickly move refining margins, often tracked through “crack spreads,” the gap between crude and products like gasoline and diesel.
Venezuela’s oil exports, already pressured by U.S. measures in recent weeks, were now paralyzed on Saturday as port captains had not received requests to authorize loaded ships to set sail, four sources close to operations told Reuters. A prolonged export freeze risks forcing production cuts as storage fills, the report said. 2
Phillips 66 (PSX) last closed at $130.57 on Friday, up 1.19%, with the market shut for the weekend ahead of the Venezuela headlines. Company quote data showed the session’s range ran from $128.73 to $130.63, with about 1.78 million shares traded.
Venezuela’s state-run oil production and refining infrastructure was operating normally and suffered no damage from the U.S. strike, two sources familiar with PDVSA operations told Reuters, though the port of La Guaira near Caracas was reported severely damaged and is not used for oil exports. Reuters also reported PDVSA has been forced to slow deliveries at ports and store oil on tankers after a December blockade announcement and U.S. seizures of Venezuelan cargoes. 3
Trump said on Saturday that large U.S. oil companies were prepared to spend “billions” to help restore Venezuela’s oil infrastructure after Maduro’s removal, a move that could eventually reshape heavy-crude flows that feed U.S. refineries. “It is clear that it will take tens of billions of dollars to turn that industry around,” Peter McNally, global head of sector analysts at Third Bridge, said. 4
Phillips 66 has no known oilfield operations in Venezuela, but its business has long been linked to Venezuelan heavy crude through Gulf Coast refining. In a legacy tie-up, a 70,000 barrel-per-day delayed coking unit at its Sweeny refinery — a unit that converts heavy residual oil into lighter fuels — was originally held in a joint venture between Venezuela’s PDVSA and Phillips 66, a Reuters report said. 5
A company filing showed Phillips 66 later took full control of that partnership after exercising a call right triggered by PDVSA defaults tied to crude supply to the Sweeny refinery. The filing said Phillips 66 paid no cash consideration for PDVSA’s 50% interest under the contract formula and recorded a $423 million pretax gain in 2017. 6
For traders, the immediate question is whether the U.S. oil embargo and disrupted shipping leave Venezuelan barrels effectively stranded, tightening the heavy-sour crude market and raising feedstock costs for complex refiners. Longer term, investors will weigh whether a U.S.-backed transition brings a workable contract and sanctions framework that allows Venezuelan output and exports to rebuild.
The refining sector heads into the week with crude prices still near multi-month lows after a steep 2025 slide. Brent closed down 10 cents on Friday at $60.75 a barrel and U.S. WTI settled down 10 cents at $57.32, as investors weighed oversupply concerns against geopolitical risks including Venezuela exports, Reuters reported. 7
Before next session
Investors will be watching for any U.S. policy detail on the oil embargo and shipping restrictions, and for confirmation on whether ports begin clearing already-loaded cargoes. Any update on the operational status of PDVSA export terminals — and on tanker movements — is likely to feed directly into heavy-crude differentials and refining-margin expectations.
Phillips 66’s next company-specific catalyst is its fourth-quarter and full-year results. The company has said it plans to release results on Feb. 4, 2026, and host a webcast the same day. 8
On the tape, traders will also watch how the stock behaves around Friday’s intraday low of $128.73 and high of $130.63 as near-term technical markers, with headline risk from Venezuela likely to dominate early-week flows.
