NEW YORK, January 4, 2026, 03:49 ET — Market closed.
- Exxon shares last closed at $122.65, up 1.9% on Friday.
- Oil settled slightly lower ahead of Sunday’s OPEC+ policy meeting.
- Investors are weighing Venezuela’s upheaval and record U.S. LNG exports as 2026 begins.
Exxon Mobil Corp (XOM.N) shares rose 1.9% to $122.65 on Friday, with about 14.2 million shares traded, as investors bought energy names ahead of an OPEC+ supply meeting and weekend headlines out of Venezuela. U.S. markets are closed on Sunday.
The stock is a proxy for the oil tape. Traders are trying to gauge whether producers will keep supply disciplined as the market weighs fears of a glut against fresh geopolitical risks.
That matters for Exxon because its upstream business — oil and gas production — tends to move with crude prices, while weaker prices can squeeze cash generation. The company’s integrated model also leaves it exposed to refining and chemical margins, which can swing sharply.
Brent crude settled at $60.75 a barrel and U.S. West Texas Intermediate ended at $57.32 on Friday, both down about 10 cents, after the benchmarks posted nearly 20% losses in 2025, Reuters reported. OPEC+ — the Organization of the Petroleum Exporting Countries and allies including Russia — meets on Sunday and traders widely expect it to keep a pause on output increases; “oil prices are locked in this long-term trading range,” said Phil Flynn, senior analyst at Price Futures Group. Reuters
Over the weekend, U.S. President Donald Trump said major U.S. oil companies would spend billions to restore Venezuela’s oil infrastructure after Nicolás Maduro was captured and removed by U.S. forces, Reuters reported on Saturday. The comments brought Exxon into the conversation alongside Chevron and ConocoPhillips, although Chevron is the only U.S. oil major currently operating in Venezuela. Reuters
Analysts told Reuters that Venezuela is unlikely to see any meaningful boost to crude output for years, citing security risks, dilapidated infrastructure and the need for legal reforms after past nationalizations that swept up Exxon’s assets. Any return of foreign operators would likely hinge on stable contracts and sanctions relief, they said. Reuters
In the gas market, the U.S. exported 111 million metric tons of liquefied natural gas — gas chilled into a liquid for shipping — in 2025, the first year above 100 million tons, preliminary LSEG data showed. Reuters said the first liquefaction “train,” or processing unit, at Golden Pass LNG, a QatarEnergy-Exxon joint venture, is set to begin production in the first quarter of 2026. Reuters
Energy stocks also got a lift from a broader tilt toward value names in the first session of 2026, when the S&P 500 and Dow ended higher and Treasury yields rose, Reuters reported. Reuters
For Exxon specifically, the near-term debate is whether a well-supplied crude market caps upstream upside while downstream results do more of the work. Traders keep an eye on refining spreads — the gap between crude costs and fuel prices — because they feed directly into refinery profits.
Before the next session, the first key marker is the outcome of Sunday’s OPEC+ meeting and any signal on how quickly supply could rise in the first quarter. A surprise shift toward higher output would likely pressure crude-linked stocks, while a firmer stance on restraint could support them.
Macro data is another swing factor for oil demand and the U.S. dollar. Investors face the monthly jobs report due Jan. 9 and the consumer price index on Jan. 13, both closely watched inputs for interest-rate expectations, Reuters wrote. Reuters
