NEW YORK, Jan 8, 2026, 06:25 EST — Premarket
- Chevron shares were down 0.8% in premarket trading after a report it is in talks to widen a Venezuela operating license.
- Washington is pressing U.S. oil companies on Venezuela as it seeks tighter control over oil sales and proceeds.
- Oil prices were firmer, but traders stayed cautious ahead of U.S. jobs data.
Chevron stock fell 0.8% to $155.20 in premarket trading on Thursday after Reuters reported the oil major is in talks with the U.S. government to expand a key Venezuela operating license. The potential change could lift exports back toward earlier levels — after they were cut to about 100,000 barrels per day in December from roughly 250,000 earlier in the year — and allow Chevron to sell Venezuelan crude beyond its own refineries, sources familiar with the talks said. 1
The negotiations land as Washington presses ahead with a plan to control Venezuelan oil sales and revenue, with U.S. officials arguing the leverage is needed to reshape the country’s energy sector. “We need to have that leverage and that control of those oil sales to drive the changes that simply must happen in Venezuela,” U.S. Energy Secretary Chris Wright said, and President Donald Trump is scheduled to meet major oil executives at the White House on Friday, Reuters reported. 2
Traders were also bracing for Friday’s U.S. nonfarm payrolls report, with jobless claims due later on Thursday. S&P 500 e-mini futures — a barometer for the cash open — were down 0.22% early Thursday, and Jefferies economist Mohit Kumar said a tilt toward “more government intervention” could “create uncertainty and add to some risk premium” in markets. 3
Oil prices were firmer, offering some support to the sector after a two-day slide. Brent rose 0.98% to $60.55 a barrel and U.S. West Texas Intermediate gained 1% to $56.57 by late morning in London after U.S. data showed crude inventories fell last week, while gasoline and distillate stocks rose; PVM analyst Tamas Varga said “higher prices are led” by progress on proposed U.S. sanctions legislation tied to Russia. Analysts at Morgan Stanley forecast a surplus of as much as 3 million barrels per day in the first half of 2026, keeping a lid on the rebound, Reuters reported. 4
In Venezuela, state oil company PDVSA said negotiations with the United States were progressing and framed them as commercial. “The process … is based on strictly commercial transactions under terms that are legal, transparent and beneficial for both parties,” PDVSA said, while board member Wills Rangel told Reuters the U.S. would need to buy cargoes “at the international price.” 5
But the upside from a looser Venezuela license still runs into the same problem facing the whole group: oil prices. Exxon Mobil warned on Wednesday that lower crude prices could cut its fourth-quarter upstream earnings — the oil and gas production business — by about $800 million to $1.2 billion, a reminder that policy-driven barrels only matter if the price tape cooperates. 6
For Chevron, traders are watching for any signal on the timing and scope of a revised U.S. license for Venezuela — and how quickly that translates into barrels and cash flow — with the company’s next major catalyst its fourth-quarter results and earnings call scheduled for Jan. 30, according to MarketScreener’s corporate calendar. 7
