New York, Jan 18, 2026, 04:53 EST — Market closed.
Chevron Corp (CVX) shares nudged up 0.1% to close at $166.26 on Friday after U.S. Energy Secretary Chris Wright told Reuters the U.S. is pushing “as fast as it can” to broaden Chevron’s Venezuela license. Wright explained the updated terms would shift payments to cash rather than crude, letting Chevron sell all the oil it produces there. Currently, the company pays royalties and taxes in oil and exports about half its output. Chevron did not immediately comment. 1
U.S. stocks closed almost unchanged ahead of the long weekend, with markets set to be closed Monday for Martin Luther King Jr. Day and earnings reports beginning to pick up. “One of the other reasons markets have been flat-lining is we’re at the start of the earnings season,” noted Anthony Saglimbene, chief market strategist at Ameriprise Financial. 2
Timing is crucial for Chevron since any shift in Venezuela’s terms would impact near-term barrels and cash flow, even as the company places bigger bets on gas for the long haul. Traders often digest the headlines for a day before gauging their real value once cash trading kicks back in.
Chevron and its partners have given the green light to a $2.36 billion expansion of Israel’s Leviathan gas field, with operations slated to begin in 2029. The final investment decision locks in capital commitments. The project is set to boost annual deliveries by 9 billion cubic metres (bcm), reaching around 21 bcm. Gas will supply Israel, Egypt, Jordan, and, through liquefied natural gas (LNG), Europe. 3
Oil prices ended higher on Friday, with Brent finishing at $64.13 a barrel and U.S. West Texas Intermediate at $59.44. Some investors appeared to be covering short positions ahead of the three-day holiday weekend. “Buying today seems to be people not wanting to be caught short over the long weekend,” said Phil Flynn, senior analyst at Price Futures Group. Priyanka Sachdeva, analyst at Phillip Nova, noted that the market still points to ample supply, keeping Brent within a $57-$67 range. 4
Exxon Mobil ticked up 0.6% on Friday, while BP added 0.7%, both edging slightly higher ahead of the weekend.
Chevron has its quarterly earnings call lined up for Jan. 30 at 11 a.m. ET. CEO Mike Wirth and CFO Eimear Bonner are set to present, the company announced. 5
Still, the risks are plenty. The U.S. might impose conditions on any Venezuela action or delay longer than expected. A fresh flare-up in the Middle East could also jolt crude prices, overshadowing company news entirely.
Trading kicks off Tuesday with investors focused on any official moves from Washington on Venezuela and if crude can sustain its bounce from Friday. Chevron’s earnings call on Jan. 30 remains the next major event to watch.
