New York, January 21, 2026, 12:00 ET — Regular session
- Chevron shares gained roughly 1.4% in midday trading following reports of late-stage negotiations to offload Singapore downstream assets
- Oil prices held steady as traders dig into Kazakhstan’s supply challenges ahead of this week’s U.S. inventory reports
- Investors are focused on Chevron’s Jan. 30 earnings report and any news on its divestment plans
Chevron shares climbed Wednesday after reports surfaced that the U.S. oil giant is nearing a deal to sell refining and fuel distribution assets in Singapore, a transaction worth $1 billion or more. The stock gained $2.37, or 1.4%, hitting $167.67 by midday. (Reuters)
The possible sale is significant as it would shrink Chevron’s downstream presence in Asia — the refining and marketing segment — while generating cash to support the company’s drive to simplify operations and reduce expenses.
Investors are already turning their attention to Chevron’s upcoming quarterly report, anticipating details on capital spending and portfolio shifts amid ongoing oil price volatility driven by supply disruptions and geopolitical tensions.
Chevron is wrapping up final negotiations with Japan’s Eneos and commodities giant Glencore, the report noted. The deal reportedly covers Chevron’s 50% share in Singapore Refining Co, the Penjuru storage terminal, and Caltex retail sites across Singapore, Malaysia, and Cambodia. Chevron, Eneos, and Glencore all declined to comment, the source added. (The Business Times)
Oil prices edged up slightly Wednesday, with Brent and U.S. WTI both gaining 0.2% in early trade. The market digested news of a brief halt at two major Kazakh oilfields alongside forecasts of higher U.S. crude stockpiles. (Reuters)
“The increased geopolitical tensions … prompted risk-off sentiment,” UBS analyst Giovanni Staunovo said, highlighting tariff threats linked to Washington’s effort to assert control over Greenland. (Reuters)
Shipping has been hit by the Kazakhstan disruption too: the Tengiz oilfield operator declared force majeure — a clause invoked when uncontrollable events disrupt deliveries — on crude shipments through the CPC pipeline system, Reuters said. (Reuters)
Chevron is reportedly in discussions with Turkish Petroleum about a possible joint oil and gas exploration project in Turkey. Bloomberg News cited a Turkish official familiar with the talks on Tuesday. (Reuters)
JPMorgan restarted coverage on Chevron, assigning an “Overweight” rating and setting a $176 price target, according to one market note. Some traders pointed to this move as a boost for the stock that day. (24/7 Wall St.)
That said, the sale discussions might stall or collapse altogether. If crude prices slip, integrated oil stocks would probably take a hit. A larger-than-anticipated rise in U.S. inventories this week would only heighten that threat.
Investors are set to focus on U.S. inventory data, starting with API numbers out Wednesday, followed by the EIA report on Thursday. Attention will then shift to Chevron’s Q4 2025 earnings call scheduled for Jan. 30. (Chevron)
