NEW YORK, December 31, 2025, 15:21 ET — Regular session
- Chevron shares were little changed in afternoon trading as energy investors tracked oil’s year-end moves.
- U.S. data showed a crude stock draw but sharp builds in gasoline and diesel inventories.
- Traders are watching the next OPEC+ meeting and upcoming U.S. inventory data for early-2026 direction.
Chevron Corporation shares were little changed in afternoon trading on Wednesday, down 0.03% at $152.27. The stock traded between $151.68 and $152.54, while peer Exxon Mobil fell about 0.6%.
The muted move comes as oil heads toward its biggest annual drop since 2020, keeping a tight grip on big integrated producers such as Chevron. Brent was around $61 a barrel and U.S. WTI near $58, according to Reuters. Reuters
Analysts have warned that supply could outstrip demand in 2026, with some forecasting more downside early next year before prices stabilize. OPEC+ — the OPEC group and its allies — is due to meet on Jan. 4, a near-term catalyst for the crude outlook and energy shares. Reuters
In the latest weekly petroleum report, U.S. crude inventories fell by 1.9 million barrels, but gasoline stocks rose by 5.8 million barrels and distillates — diesel and heating oil — increased by 5 million barrels, the Energy Information Administration said. The agency’s “product supplied” figure, a proxy for demand, fell by 934,000 barrels per day; analysts also flagged ad valorem taxes, a levy tied to inventory value, that can skew year-end stock changes. “Year end numbers tend to be distorted,” said Josh Young, chief investment officer at Bisons Interests. Reuters
For Chevron, the split message matters because its earnings mix spans crude production and refining. A crude draw tends to support upstream pricing, while large product builds can pressure refining margins if demand does not absorb the extra supply.
Supply headlines from abroad have also remained a swing factor for crude. The Caspian Pipeline Consortium suspended oil exports from its Black Sea terminal due to bad weather and said the terminal also halted intake because reservoirs were full, Reuters reported. Reuters
The terminal near Russia’s Novorossiysk handles about 80% of Kazakhstan’s oil exports, including barrels from fields operated by Chevron and other majors. Any prolonged bottleneck can tighten a key export route, even as the broader market worries about a 2026 surplus. Reuters
That backdrop helps explain why Chevron stock has stayed range-bound even with oil down sharply for the year. Investors are weighing near-term volatility against longer-run questions: how durable demand looks after the holidays, and whether producers and OPEC+ respond if crude slips further.
In the U.S., the next weekly EIA petroleum status report is scheduled for Jan. 7. Traders typically look for cleaner signals once year-end tax effects fade and normal buying and shipping patterns resume. U.S. Energy Information Administration
For now, Chevron’s day-to-day tape is still tied to crude direction. A sustained move in oil — whether sparked by OPEC+ policy, supply disruptions, or demand data — is likely to matter more than single-session noise as 2026 begins.
