New York, Jan 17, 2026, 13:12 EST — Market closed.
- U.S. energy stocks closed Friday just a bit up as crude prices jumped ahead of an extended holiday pause.
- Traders are eyeing headlines from Iran and Venezuela, along with the delayed U.S. inventory data due next week.
- Exxon and Chevron will report on Jan. 30, bringing guidance and trading results back into focus.
U.S. oil inventories edged up slightly on Friday as crude prices finished the day stronger. Investors, cautious of new geopolitical developments, prepared for the long weekend ahead.
The timing is crucial. U.S. equity markets will be closed Monday for Martin Luther King Jr. Day, giving energy traders a two-day stretch of headline risk without access to the cash market.
Oil prices have been volatile. They plunged sharply on Thursday after U.S. President Donald Trump’s remarks on Iran wiped out much of the risk premium in crude, only for some of that premium to creep back in by Friday’s close.
The Energy Select Sector SPDR ETF edged up 0.17% Friday, closing at $47.69. Exxon Mobil climbed 0.6% to $129.89, and Chevron inched up 0.1% to $166.26. On the other hand, ConocoPhillips dropped 0.8% to $98.19, while Occidental dipped 1.1% to $42.70.
Brent crude closed at $64.13 a barrel, gaining 0.6%, while U.S. West Texas Intermediate finished at $59.44, up 0.4%. The rise came as traders unwound short positions ahead of the U.S. holiday.
“Weighing against those fears are potential supply increases from Venezuela,” said Phil Flynn, senior analyst at Price Futures Group. “The supply from Venezuela has not become the tidal wave that was expected.” Reuters
Geopolitics and crude supply have been at odds this week. On Thursday, oil prices dropped roughly 4% after Trump commented that the Iranian protest crackdown appeared to be easing. Adding to the downward pressure were U.S. inventory gains and discussions about Venezuelan exports.
Exxon will release its earnings on Jan. 30, kicking off the day with a morning call headed by CEO Darren Woods.
Chevron’s earnings report drops Jan. 30, followed by an 11 a.m. EST conference call. Investors are keen to hear updates on buybacks, spending discipline, and the impact of last week’s oil volatility on refining and trading results.
Refiners stumbled on Friday despite crude prices climbing. Marathon Petroleum slipped 1.1%, while HF Sinclair dipped 2.4%, highlighting how gasoline and diesel margins can drag even when crude rallies.
Weekend risks swing both ways. Should tensions with Iran ease or fresh supply, notably from Venezuela, gain traction, oil’s recent rally could quickly unravel. Energy stocks often jump at market open after extended breaks.
Next week, all eyes will be on U.S. crude and fuel inventories, especially since the usual schedule is pushed back by the holiday. The Energy Information Administration plans to release its weekly petroleum report on Thursday, Jan. 22.
Traders are also eyeing an early-February checkpoint. OPEC+’s eight-member coalition is set to convene on Feb. 1 to assess market trends and production targets.
