New York, Jan 12, 2026, 12:04 (EST) — Regular session underway.
- Chevron shares edged up after U.S. officials hinted at possible new sanctions relief for Venezuela in the near future
- Traders are swapping Venezuelan crude for March delivery and shifting naphtha shipments to boost heavy-oil production
- Oil prices dipped as Goldman projects a supply surplus in 2026, posing a challenge for the sector
Chevron (CVX.N) shares ticked up 0.4% to $162.69 in midday trading Monday, following comments from U.S. Treasury Secretary Scott Bessent that additional sanctions on Venezuela could be eased “as soon as next week” to boost oil exports. “We’re de-sanctioning the oil that’s going to be sold,” Bessent said. (Reuters)
The timing is crucial. Washington’s effort to restart Venezuelan oil flows hits as traders and refiners scramble to find supply matching their plants. Policymakers are also trying to direct the money trail. For Chevron, this isn’t a footnote—its Venezuela ties leave it especially vulnerable to changes in licensing and payment regulations.
Vitol and Trafigura have opened talks with refiners in India and China about March shipments of Venezuelan crude, according to trade sources speaking to Reuters. Offers are reportedly priced at an $8 to $8.50 discount to ICE Brent. Shipping data reveals Vitol loaded a naphtha cargo on Sunday, set to arrive at Venezuela’s Port of Jose on Jan. 28. Naphtha, a light oil, serves as a diluent to thin heavy crude for transport and refining. (Reuters)
A separate Reuters report noted Vitol plans to load about 460,000 barrels of naphtha from Houston under a new U.S.-backed supply deal. Chevron is also sourcing naphtha to boost Venezuelan output. Rory Johnston, an analyst at Commodity Context, warned that “the U.S. will need to replace ASAP” to prevent upstream shutdowns if Russian naphtha supplies get cut. (Reuters)
Oil prices eased as investors balanced concerns over Iran-related supply disruptions with hopes that Venezuelan exports will restart. Brent slipped 0.44% to $63.06 a barrel, while U.S. West Texas Intermediate fell 0.58% to $58.78, Reuters reported. UBS analyst Giovanni Staunovo pointed to the “lack of additional supply disruptions” as a drag on prices. (Reuters)
Exxon Mobil slipped 0.8%, while ConocoPhillips dropped 1.1% during midday trading, showing a mixed picture among major oil stocks.
Goldman Sachs stuck to its 2026 average price forecasts for Brent and WTI at $56 and $52 per barrel. The bank warned that a surplus of 2.3 million barrels per day would probably push prices lower to restore market balance. (Reuters)
Venezuela remains a tricky arena politically and legally, with sentiment able to sour quickly. Trump hinted he could keep Exxon sidelined after CEO Darren Woods labeled the country “uninvestable.” The administration also issued an executive order blocking courts or creditors from seizing Venezuelan oil revenue held in U.S. Treasury accounts. According to court decisions, Venezuela owes more than $13 billion to Exxon and ConocoPhillips for past expropriations, the report noted. (Reuters)
Trading houses jumped ahead in the deal race. Vitol and Trafigura landed preliminary special licenses, and Washington was wrapping up a $2 billion agreement to sell as many as 50 million barrels of crude to U.S. refiners and other buyers, Reuters reported. Chevron was also in the mix, vying for that supply. A White House official described the initial barrels as being secured “at record speed.” (Reuters)
Chevron is gearing up for its next big event: earnings. The company announced its quarterly earnings call is set for Friday, Jan. 30 at 11:00 a.m. ET. CEO Mike Wirth and CFO Eimear Bonner will be among those speaking. (Business Wire)
Traders are watching to see if Washington will push a wider sanctions campaign and if the initial Venezuela shipments arrive as planned. Investors have circled Chevron’s Jan. 30 earnings call as the next key milestone.
