NEW YORK, January 1, 2026, 09:45 ET — Market closed
- Petrobras preferred shares last closed at 30.82 reais, up 0.29%, in São Paulo’s most recent session.
- A major union accepted Petrobras’ counteroffer and suspended a strike, though walkouts persist at some sites.
- Focus now shifts to oil’s weak price backdrop and Petrobras’ next set of financial disclosures.
Petrobras’ preferred shares (PETR4.SA) last closed up 0.29% at 30.82 reais after a key union accepted a counteroffer from the state-run oil company and suspended a strike launched earlier in December, easing fears of operational disruption.
The labor dispute matters because Petrobras’ production and logistics feed directly into cash generation and dividend capacity, a central part of the stock’s investment case. A prolonged strike can also amplify political noise around a state-controlled company just as markets reset positioning for a new year.
Oil is the other lever, and it has started 2026 on a soft footing after steep losses in 2025. Brent settled at $60.85 a barrel on Dec. 31 and logged its biggest annual percentage decline since 2020, while BNP Paribas commodities analyst Jason Ying said “U.S. shale producers were able to hedge at high levels,” pointing to supply staying resilient even as prices fall. Reuters
Sindipetro-NF, which Reuters said represents about 25,000 workers including staff on offshore platforms in Brazil’s Campos basin, had been the only holdout among more than 10 unions affiliated with the FUP federation. Four unions affiliated with a separate umbrella group, FNP, remain on strike, including groups tied to the Santos basin, where most of Brazil’s oil and gas output is produced.
Petrobras has said the labor action has not affected production because it mobilized contingency teams where needed. The union dispute has centered on a pension-fund deficit and proposed changes to employee compensation.
Trading in Brazil is paused for the New Year holiday. B3 said it had no trading session on Dec. 31 and Jan. 1, with normal operations resuming on Friday, Jan. 2.
Preferred shares in Brazil typically trade with heavy liquidity and often move in line with expectations for distributions, even though they generally carry limited voting rights. That can make them especially sensitive to shifts in crude prices and to perceived risks around government influence.
For Petrobras, crude matters not just for upstream revenue but for the broader “payout math” investors run on dividends and buybacks. The oil market’s focus is on whether supply stays ahead of demand in early 2026 and how producers respond if prices slide further.
When São Paulo trading resumes, investors will watch for any new union ballots or company updates on staffing, platform operations and refinery routines. Traders will also be alert to any signs that the remaining walkouts spread beyond current sites or begin to affect shipping and maintenance schedules.
Before the next session, positioning may stay cautious because there is no fresh price discovery while both U.S. and Brazilian markets are shut for the holiday. That can magnify the first moves when liquidity returns, especially in heavyweight names tied to global commodities.
The next clear company catalyst is Petrobras’ annual reporting cycle. Its corporate calendar shows full-year financial statements and a management report due March 5, followed by an investor and analyst conference call/webcast on March 6.
On technical levels, Petrobras’ preferred shares traded between 30.65 and 30.96 reais in the last session on Dec. 30. In December, the stock ranged from a low of 29.68 to a high of 32.91, leaving the 30-real area as a nearby reference point into the reopening.
