New York, Jan 18, 2026, 12:38 EST — Market closed
Chevron will be in focus during the next U.S. session after Energy Secretary Chris Wright revealed that Washington is rushing to expand the company’s Venezuela license. The update would allow Chevron to pay the Venezuelan government in cash and sell all the oil it produces there. “So they become immediately, another marketer of crude as well,” Wright explained. Chevron shares closed Friday nearly flat, up 0.1% at $166.26. (Reuters)
This policy shift comes amid volatile crude prices driven by geopolitical concerns and uncertainty about the timing and volume of supply. For oil-linked stocks, next week looks like the familiar push-and-pull: rising crude boosts producer profits but pressures refiners and stokes inflation fears.
Brent crude, the global benchmark, closed Friday at $64.13 a barrel, up 0.6%, while U.S. West Texas Intermediate (WTI) rose 0.4% to $59.44. Traders covered short positions ahead of the three-day U.S. holiday weekend and amid ongoing concerns about a potential U.S. strike on Iran. John Kilduff, partner at Again Capital, said much of the jump looked like typical pre-holiday buying. Phil Flynn from Price Futures Group agreed, noting, “Buying today seems to be people not wanting to be caught short over the long weekend.” Analysts at Commerzbank flagged the Strait of Hormuz as a potential flashpoint, but Priyanka Sachdeva of Phillip Nova said the market remains well supplied. She expects Brent to stay between $57 and $67 unless demand picks up. (Reuters)
The Energy Select Sector SPDR ETF, a key benchmark for U.S. oil stocks, edged up 0.2% to close at $47.69 on Friday. Exxon Mobil climbed 0.6% to $129.89, Shell gained 1.1% to $74.25, and BP rose 0.7% to $35.38. Occidental Petroleum dipped 1.1% to $42.70. Oilfield services showed mixed results: SLB ticked up 0.3% to $46.73, while Halliburton fell 0.7% to $32.57. (StockAnalysis)
Shares in exploration and production took a hit as ConocoPhillips dropped 0.8% to $98.19, EOG Resources slipped 2.5% to $105.32, and Devon Energy dipped 0.4% to $36.20. Refiners didn’t fare much better, with Marathon Petroleum falling 1.1% to $175.63, Valero easing 0.6% to $183.46, and Phillips 66 retreating 1.2% to $138.28.
The most recent Baker Hughes rig count, a weekly gauge of drilling activity closely watched for clues on future supply, reported North American rigs climbing 28 to 769. In the U.S., the total slipped by one to 543. Oil-directed rigs ticked up by one to 410, while gas rigs dropped two to 122. (CME Group)
Venezuela remains a wildcard in supply talks. The U.S. Energy Department dismissed plans to use Venezuelan crude for swaps to refill the Strategic Petroleum Reserve, labeling the idea “false” and confirming no such exchange is on the table. (Reuters)
The downside for oil stocks remains clear: if concerns over Iran ease and additional supply hits the market, crude could drop below $60, pulling producers down with it. Conversely, a sudden surge in oil prices can squeeze refiners and boost the chances that policy or demand concerns dominate trading.
U.S. stock and bond markets will be closed Monday, Jan. 19, in observance of Martin Luther King Jr. Day. Trading is slated to restart Tuesday. (Investopedia)
Typically, the American Petroleum Institute’s Weekly Statistical Bulletin, a key early inventory report that can sway crude futures, comes out Tuesday at about 4:30 p.m. Eastern. But if Monday falls on a federal holiday, the release moves to Wednesday afternoon. (API)
Halliburton plans to hold its Q4 2025 earnings call on Wednesday, Jan. 21, at 9:00 a.m. ET. SLB will report its fourth-quarter and full-year results on Friday, Jan. 23, kicking off a conference call at 9:30 a.m. ET, following a results release at 7:00 a.m. ET. (Halliburton)
The key event this week for oil prices—and oil stocks—will be the U.S. Energy Information Administration’s Weekly Petroleum Status Report. It’s set to drop Thursday at 12:00 p.m. Eastern, pushed back due to the holiday week. (U.S. Energy Information Administration)
