New York, Jan 8, 2026, 13:15 EST — Regular session
- Chevron (CVX) up 2.1% in early afternoon trade
- White House invites Vitol, Trafigura chiefs to Friday Venezuela oil talks, sources say
- Next catalysts: Friday White House meetings; Chevron results and outlook on Jan. 30
Chevron Corp (CVX) was up 2.1% at $158.49 in early afternoon New York trade on Thursday, after closing at $155.20 in the previous session. The move tracked a fresh burst of Venezuela headlines that traders have been using as a quick read on oil supply and U.S. policy.
The Trump administration has invited the bosses of commodity trading houses Vitol and Trafigura to the White House on Friday for talks on marketing Venezuelan oil, four sources familiar with the matter told Reuters. “U.S. majors are central to production, but large international trading houses bring global reach and optionality the majors lack,” said Jean-Francois Lambert of consultancy Lambert Commodities. (Reuters)
Chevron is the only U.S. oil major operating in Venezuela under a U.S. Treasury license — a waiver that lets it work there despite sanctions. It is in talks with the U.S. government to expand that authorization, which could lift exports back toward 250,000 barrels per day from about 100,000 bpd in December and allow sales to other buyers, sources close to the negotiations told Reuters. Washington has also been pushing to bring in companies including Exxon Mobil, ConocoPhillips and refiner Valero, the report said. (Reuters)
Another thread hit overnight. A Reuters report cited a Wall Street Journal account that Trump and advisers are weighing a plan that would give the United States leverage over marketing most of state oil firm PDVSA’s output, with Trump saying it could help pull oil toward $50 a barrel. Reuters could not immediately confirm the report and the White House did not respond to a request for comment. (Reuters)
Crude prices turned higher, helping the group. Brent futures were up about 2% at $61.17 a barrel and U.S. West Texas Intermediate crude gained 1.8% to $57.01, Reuters reported, after the U.S. seized two Venezuela-linked oil tankers on Wednesday. Exxon was up 3.3%, ConocoPhillips 4.8% and Valero 2.5%. (Reuters)
Energy Secretary Chris Wright, speaking on Fox Business, said he expected Chevron to “quickly grow its activities in Venezuela” and argued Washington would not allow China to gain major control there. “As long as …America is the dominant force there, the rule of law, the United States controls oil flow. That will be fine,” Wright said. (Reuters)
Refining, which matters for Chevron’s earnings mix, also stayed in view. The premium for prompt U.S. West Coast jet fuel to Asia has widened to nearly $40 a barrel, LSEG data showed, as outages tightened regional supply; a jet fuel unit at Chevron’s 285,000-bpd El Segundo refinery has been under repair since a fire in October. “Weak demand for jet fuel in China has added to the downward pressure on Asia’s prices,” said Matias Togni, an analyst at NextBarrel. (Reuters)
Deal talk added another layer. Private equity group Quantum Energy Partners is working on a bid that could involve Chevron for the international assets of Russian oil major Lukoil, a source familiar with the matter told Reuters, after the Financial Times reported a $22 billion valuation. “Chevron has a diverse exploration and production portfolio globally and continues to assess potential opportunities,” a Chevron spokesperson said in an emailed statement. (Reuters)
But the Venezuela trade comes with a catch. Policy can shift fast, and a broader opening of exports risks pushing crude lower, which would feed back into cash flow and valuations even if Chevron wins more barrels.
Traders will watch Friday’s White House meetings for clearer signals on who markets Venezuelan crude and how licenses get written, and whether the U.S. leans harder on sanctions enforcement. Chevron’s next scheduled catalyst is its fourth-quarter results and guidance, with an earnings conference call set for Jan. 30. 1
