NEW YORK, June 6, 2026, 14:04 (EDT)
- Chevron shares finished Friday at $187.31, falling 0.55% for the session. The stock is still about 2.7% higher from its May 29 close of $182.46.
- Brent finished Friday at $93.09 a barrel, with U.S. crude closing at $90.54. Both ended the day down, as traders looked at weaker demand and ongoing supply risk.
- U.S. cash stock markets are closed for the weekend. The NYSE’s main trading session goes from 9:30 a.m. to 4:00 p.m. Eastern on regular weekdays.
Chevron Corp. goes into the week still holding a slight gain, withstanding Friday’s market selloff that hit its stock. Shares closed at $187.31, off 0.55%. The S&P 500 lost 2.6% and snapped a 10-week run without a loss.
Chevron is in focus as timing comes into play. The company now offers a direct take on both high crude prices and a market that’s become less forgiving after a strong U.S. jobs report sent bond yields up.
Chevron’s upstream earnings were $3.9 billion last quarter, with the refining and fuel-marketing business showing a loss of $817 million. The profits came from finding and producing oil and gas. CEO Mike Wirth called out the “resilience of our portfolio” and “disciplined execution.” SEC
Oil pulled back on Friday. Goldman Sachs said global demand for crude slipped more than it thought, as April’s drop in demand — blamed on prices, slow growth or supply hits — was put at 4 million to 5 million barrels a day. Goldman still sees some upside for prices if the Strait of Hormuz stays shut and there are more supply cuts.
Chevron slipped 0.55% on Friday, holding up better than some other big names in energy. Exxon Mobil dropped 1.39%, ConocoPhillips lost 1.75%, and the Energy Select Sector SPDR ETF was down 1.84%.
The stock’s next direction could depend more on physical oil market trends than Friday’s decline. U.S. crude exports reached 5.6 million barrels per day in May, a new record, and U.S. crude inventories have dropped by 63.9 million barrels, or 7.5%, since the Middle East war began, Reuters said. At a Bernstein event, Wirth said the market’s “shock absorbers” are getting used up and expects “more upward pressure” into June and July. Reuters
Chevron put in an application last week to enter Argentina’s RIGI program. The regime offers incentives to big investments, and Chevron wants to use it for a $13.8 billion unconventional oil project at El Trapial in Vaca Muerta. The move still needs approval from the government. Chevron said these frameworks support regulatory certainty for long-term plans.
Venezuela is still a swing factor. Wirth said Chevron wants lower oil taxes and royalties before it adds new money there. “We need a new set of fiscal terms,” he told Bloomberg TV. Bloomberg Tax
The setup isn’t one-way. A diplomatic split that drags down crude could dent Chevron’s upstream edge, but if prices get too high, demand could fall, weighing on refiners and hitting consumers. Chevron can’t steer approvals in Argentina, rules in Venezuela or the speed of inventory depletion.
Chevron’s $1.78 quarterly dividend is set for June 10, for holders on record since May 19. The oil market could get busier before that, with traders watching Monday’s open for direction. The next U.S. inventory data could show if crude’s recent dip was just a breather or more than that.
