NEW YORK, February 15, 2026, 13:34 EST — Market closed
- Energy Select Sector SPDR Fund (XLE) closed out Friday with a 0.7% gain; the fund is now up roughly 22% for 2026 to date.
- OPEC+ appears poised to restart oil output hikes starting in April, as attention shifts to a pivotal March 1 meeting.
- With U.S. markets closed Monday, traders won’t see oil inventory data until later in the week.
U.S. energy shares ended the week a bit stronger. The Energy Select Sector SPDR Fund (XLE) advanced 0.7% Friday to settle at $54.35, bringing its gain since the end of 2025 to roughly 21.6%. For now, the sector’s direction looks tied more to crude supply headlines than to any fresh corporate updates.
Oil edged up to close out the week, with Brent at $67.75 a barrel and U.S. West Texas Intermediate finishing at $62.89. Softer U.S. inflation numbers helped support the move. “Inflation is stabilizing,” noted Dennis Kissler, senior vice president of trading at BOK Financial. He pointed out that lower rates would be a plus for the economy but cautioned about a potential supply boost from OPEC. The Baker Hughes weekly report showed U.S. oil rigs down by three, now at 409. Business Recorder
Here’s the catch: U.S. equities take a break Monday for Washington’s Birthday, so the next cash session lands on Tuesday, leaving oil traders with an extra day to digest whatever headlines stack up over the weekend.
Exxon Mobil dropped 1.0% to $148.45 on Friday. Chevron, on the other hand, picked up 0.7% to close at $183.74, with ConocoPhillips rising 0.6% to $111.43.
OPEC+ is now eyeing a restart of oil output hikes beginning in April, according to three sources inside the group. The alliance—which brings together OPEC and partners like Russia—plans to convene eight of its members on March 1. They’ve already agreed to boost quotas by roughly 2.9 million barrels per day from April through December 2025, holding output flat after that through the first quarter of 2026.
Washington loosened restrictions on Venezuela’s energy industry, handing out two general licenses that let companies like Chevron, BP, Eni, Shell, and Repsol get back to work in oil and gas and open talks on fresh investment deals with state-run PDVSA, pending separate permits. According to the report, royalty and tax payments are being funneled through a U.S.-run Foreign Government Deposit Fund.
Company-specific risks haven’t gone anywhere. A federal judge tossed out California Attorney General Rob Bonta’s attempt to dismiss Exxon Mobil’s defamation lawsuit tied to criticism of its advanced plastics recycling efforts. Exxon, for its part, fired back in a statement: “this campaign of lies… must stop.” Reuters
Even so, there’s risk on both sides here. Should OPEC+ and Venezuela bring extra supply just as demand softens, oil could slide fast—energy stocks usually amplify the move, which gets sharper after a rally like this.
Traders are now eyeing the U.S. Energy Information Administration’s Weekly Petroleum Status Report, scheduled for Thursday, February 19, at 12:00 p.m. and again at 2:00 p.m. ET. The agency pushed the release back since the federal government will be closed Monday.
