NEW YORK, Jan 31, 2026, 12:52 (ET) — Market closed.
U.S. oil inventories enter the first full week of February with crude prices hovering near multi-month peaks, alongside new earnings reports from the nation’s two largest oil giants. Traders are also gearing up for an OPEC+ policy review that might rattle sentiment once U.S. markets open on Monday.
Crude prices ended Friday mostly flat, following a sharp rally late in the month fueled by Middle East concerns. Brent closed at $70.69 a barrel, while U.S. West Texas Intermediate finished at $65.21. Investors weighed rising U.S.-Iran tensions, fresh Iran-related sanctions, and a stronger dollar after Donald Trump named Kevin Warsh to head the Federal Reserve once Jerome Powell’s term expires in May. “It’s really all about Iran right now,” said John Kilduff, partner at Again Capital. Reuters
A Reuters poll released Friday still suggests weaker oil prices through the year, despite spot crude holding firm. It predicts Brent will average $62.02 a barrel in 2026, with U.S. crude at $58.72. The market is expected to remain in surplus, between 0.75 million and 3.5 million barrels per day. “Geopolitics brings lots of noise … the oil market appears to be in a lasting surplus,” said Norbert Ruecker, head of economics and next generation research at Julius Baer. The poll also indicates OPEC+ probably won’t make decisions beyond March when it meets Sunday. Cyrus De La Rubia of Hamburg Commercial Bank noted the group aims to defend a price floor while keeping an eye on market share. Reuters
Exxon Mobil (XOM) ended Friday’s final cash session up 0.7%, closing at $141.40. Chevron (CVX) jumped 3.3% to $176.90. ConocoPhillips (COP) also climbed 1.4%, hitting $104.23. SLB Ltd. (SLB) edged down 0.1% to $48.38, while Halliburton (HAL) ticked up 0.4% to $33.52.
Exxon posted adjusted Q4 earnings of $1.71 per share, topping estimates, and revealed annual upstream output reached 4.7 million barrels of oil equivalent per day (boepd)—its highest level in over four decades. The company announced plans for $20 billion in share buybacks annually through 2026. CEO Darren Woods highlighted efforts to “capture more value from every barrel” as Exxon expands in the Permian Basin and Guyana. Meanwhile, Biraj Borkhataria of RBC Capital Markets pointed to a sharp downturn in the industry’s chemicals segment, where Exxon recorded a rare loss. Reuters
Chevron reported adjusted earnings of $1.52 per share, beating forecasts but falling short of last year’s figures, powered by cost reductions and improved refining results. CEO Mike Wirth highlighted “significant long-term potential” in Venezuela, while CFO Eimear Bonner noted that with additional U.S. government approvals, Chevron could boost Venezuelan output by roughly 50% within 18 to 24 months. The company also projected 7% to 10% production growth in 2026, excluding any asset sales. Reuters
During the same call, Wirth noted Chevron has capacity to handle an additional 100,000 barrels per day of Venezuelan crude at its U.S. refineries, beyond current volumes. He cautioned that these barrels would “redistribute around the world” as refiners make adjustments. Reuters
U.S. drillers added two oil and gas rigs in the week ending Jan. 30, Baker Hughes reported, pushing the total to 546. Oil rigs held steady at 411, while gas rigs climbed by three to 125. Despite the increase, the total rig count remains down 36 rigs, or 6%, compared to the same time last year.
For oilfield services stocks, a stronger rig count offers one of the rare clear signals on whether producers will ramp up spending as prices climb. So far, the rise has been modest, and investors remain cautious that producers will stick to tight budgets despite higher crude prices.
The month-end rally isn’t without risk. Should tensions ease or diplomatic talks with Tehran gain momentum, the geopolitical premium could vanish quickly. Energy stocks often slide when crude prices surrender their gains.
Sunday, Feb. 1, brings the next big moment as OPEC+ gathers to decide March supply policy—just before the U.S. market opens Monday, Feb. 2. Traders will also be eyeing any new moves from Washington on Iran, along with how firms discuss capital spending and buybacks amid the ongoing earnings season.
