NEW YORK, Jan 18, 2026, 11:46 EST — Market closed.
- Chevron shares ended Friday’s session mostly flat, as trading will be paused Monday for the holiday.
- U.S. officials indicated a broader Venezuela license for Chevron might be approved soon, paving the way for increased exports.
- Investors are also eyeing a key decision on Leviathan gas expansion alongside Chevron’s earnings call later this month.
Chevron Corp shares closed Friday at $166.26, ticking up just under 0.1%, following comments from U.S. Energy Secretary Chris Wright. He said Washington is “moving as fast as it can” to broaden Chevron’s license in Venezuela. The adjustment would permit Chevron to pay the Venezuelan government in cash rather than crude oil, letting it sell all the output from there. Chevron did not immediately reply to a request for comment. (Reuters)
U.S. stock markets will be closed Monday in observance of Martin Luther King Jr. Day, extending the pause for investors watching for signs of how soon a shift in Venezuela policy could translate into fresh barrels and cash flows. Trading resumes Tuesday. (New York Stock Exchange)
Oil prices edged up on Friday, with Brent finishing at $64.13 a barrel and U.S. West Texas Intermediate closing at $59.44. Some traders covered short positions ahead of the long weekend, easing downward pressure. Priyanka Sachdeva, an analyst at Phillip Nova, noted the market still shows “ample supply,” forecasting Brent to trade within a $57-to-$67 range unless demand picks up sharply or supply tightens. (Reuters)
Chevron is also moving forward in the Middle East. Alongside partners, it has greenlit an expansion of Israel’s Leviathan gas field, aiming to boost deliveries by 9 billion cubic meters annually, reaching roughly 21 bcm. The project carries a $2.36 billion price tag and is slated to come online in 2029. (Reuters)
Another development surfaced in deal-land. The U.S. Treasury pushed back the deadline to Feb. 28 for sanctioned Russian oil company Lukoil to negotiate sales of most of its international assets. Reuters estimates the package at roughly $22 billion, attracting interest from a group that includes Chevron, Quantum Capital Group, and competitors like Exxon Mobil. (Reuters)
For traders, the immediate puzzle is straightforward yet complicated: what exactly does the Venezuela license permit, and how quickly will it impact Chevron’s crude exports from the country? This U.S. authorization creates a narrow window of allowed activity within sanctions, where the precise language often carries as much weight as the announcement itself.
There’s a flip side to consider. If Venezuelan output picks up, it could weigh on oil prices, undercutting gains for integrated majors whose stocks usually track crude.
The downside risk remains the usual for cross-border barrels: Washington drags its feet, red tape piles up, or Venezuela’s local politics throw a wrench in production. A fresh drop in crude prices—or a spike in discounts for heavier grades—would quickly try the market’s resolve.
Chevron plans to host its quarterly earnings call on Jan. 30 at 11:00 a.m. ET. CEO Mike Wirth and CFO Eimear Bonner are set to lead the discussion, the company announced. (Business Wire)
Investors will return Tuesday, hunting for the next clue on Venezuela and watching if oil can stay within last week’s higher range as month-end numbers roll in.
