New York, January 31, 2026, 13:56 EST — Market closed.
- U.S. energy ETFs rose on Friday, with Chevron climbing 3.3% and Exxon finishing up roughly 0.7% following their quarterly earnings.
- Oil hovered close to six-month highs heading into the weekend, with traders closely watching U.S.-Iran tensions.
- OPEC+ is set to meet Sunday, with delegates telling Reuters the group will probably maintain its pause on boosting output in March.
As the new week kicks off, U.S. energy stocks face crude oil prices hovering near multi-month peaks. With OPEC+ scheduled to address supply policy on Sunday, the group’s shares could see sharp moves once markets open Monday.
The sector is riding a wave of momentum. Major U.S. oil firms closed Friday’s session higher following earnings reports, despite a shaky mood in broader risk appetite.
Timing is crucial as the market tries to distinguish between price noise and real shifts. Investors have been pushing Big Oil to clarify their Venezuela exposure and how long geopolitics—not supply and demand—will influence the market. Stephanie Link, chief investment strategist at Hightower Advisors, told Reuters, “I don’t expect any changes to dividend or buyback plans for 2026, but their guidance around these areas will be important to hear.” (Reuters)
Friday saw the Vanguard Energy ETF tick up 0.8%, closing at $143.79. The SPDR S&P Oil & Gas Exploration & Production ETF nudged higher by roughly 0.9%, ending at $140.24. Chevron outperformed, climbing 3.3% to $176.90. Exxon Mobil edged up about 0.7% to $141.40, while ConocoPhillips gained 1.4%, finishing at $104.23.
Crude held steadier than equities. Brent closed at $70.69 a barrel, with U.S. West Texas Intermediate finishing at $65.21—both dipped slightly but remain close to six-month peaks, Reuters noted. “It’s really all about Iran right now,” said John Kilduff, partner at Again Capital. Phil Flynn from Price Futures Group warned of possible profit-taking heading into the weekend after the recent rally. (Reuters)
Chevron’s latest earnings pushed Venezuela back into the spotlight. The company topped estimates with adjusted earnings of $1.52 per share, beating the LSEG consensus of $1.45, Reuters reported. It also revealed plans to explore further opportunities in Venezuela following the U.S. capture and removal of former leader Nicolas Maduro earlier this month. “We have been a part of Venezuela’s past for more than a century. We remain committed to its present,” CEO Mike Wirth said in a statement. (Reuters)
Exxon’s report highlighted cash strength. The company posted $6.5 billion in net income, or $1.53 per share, in Q4. It generated $12.7 billion in operating cash flow and $5.6 billion in free cash flow — that’s what’s left after capital expenditures. Exxon also returned $9.5 billion to shareholders via dividends and share buybacks. (Exxon Mobil Corporation)
During the earnings call, Exxon doubled down on its LNG schedule. CEO Darren Woods announced that the first liquefied natural gas from the Golden Pass project should arrive in “very early March,” marking a milestone after years plagued by delays and cost overruns. (Reuters)
Venezuela was a recurring topic for Exxon as well. Woods told analysts the company possesses the technology to extract the country’s heavy, more expensive crude and is still open to sending a technical team for a visit, Reuters reported. (Reuters)
The key event in the short term is OPEC+ itself. Sources told Reuters the group will probably maintain its halt on boosting output in March when eight members gather Sunday. That comes as Brent has surged past $70 a barrel amid concerns the U.S. might strike Iran militarily. (Reuters)
But the setup can swing the other way. Should weekend headlines ease tensions with Iran, or if OPEC+ hints at boosting output later this spring, that geopolitical premium in oil prices could vanish fast — dragging energy stocks down with it.
Traders will be watching Sunday’s OPEC+ meeting on Feb. 1 closely, along with any new U.S.-Iran developments, ahead of U.S. markets reopening Monday, Feb. 2.
