Chevron (NYSE:CVX) Stock, Quote.Headers.trade-ideas

Chevron

Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.

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Chevron Shipping partners with Wärtsilä to convert LNG carriers to spark gas operation, reducing methane emissions and supporting carbon reduction goals.

Chevron Takes Steps To Reduce Methane Emissions From LNG Carriers

Chevron CEO criticizes Biden admin&#39;s stance on natural gas, highlights role of Permian natural gas in driving AI growth. CVX shares down premarket.

Chevron Slams Biden&#39;s LNG Export Pause, Touts Natural Gas For AI Growth: Report

Reduction In Chevron Holdings

Chevron teams up with Mitsui O.S.K. Lines to install wind-assisted propulsion system on a new LNG carrier, supporting efforts to lower carbon intensity.

Chevron Takes Step Towards Greener Shipping: Details

Chevron Corp

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Chevron Corporation&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) Chevron Shipping Company, in partnership with Wärtsilä, will convert engines on six <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40920735/chevron-slams-bidens-lng-export-pause-touts-natural-gas-for-ai-growth-report" rel="noreferrer noopener">liquefied natural gas</a> (LNG) carriers from dual-fuel to spark gas operation to cut methane<a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40934277/chevron-shipping-w-rtsil-partner-to-lower-methane-emissions-on-lng-carriers" rel="noreferrer noopener"> emissions and support its carbon reduction goals</a>.
The order for the first two vessels was placed in the third quarter of 2024 after two years of collaboration.
The company believes that reducing methane emissions is crucial for lowering carbon intensity.
Wärtsilä&#8217;s 50DF to SG engine conversion aims to address this by switching from diesel pilot fuel to spark ignition, optimizing combustion to reduce methane slip and enhance efficiency.
&#8220;Chevron Shipping aims to reduce methane emissions intensity of our LNG fleet in support of a lower carbon future,&#8221; said Barbara Pickering, president of Chevron Shipping.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40920735/chevron-slams-bidens-lng-export-pause-touts-natural-gas-for-ai-growth-report" rel="noreferrer noopener">Chevron Slams Biden&#8217;s LNG Export Pause, Touts Natural Gas For AI Growth: Report</a>
This week, in a speech at the GasTech conference in Houston on Tuesday,&nbsp;CEO&nbsp;Michael Wirth predicted that the permitting halt will lead to higher energy costs, jeopardize supplies for America&#8217;s European allies, and increase emissions by delaying the shift from coal to gas.
Wirth predicted that the permitting halt will lead to higher energy costs, jeopardize supplies for America&#8217;s European allies, and increase emissions by delaying the shift from coal to gas.
Last week, Chevron Shipping teamed up with&nbsp;Mitsui O.S.K. Lines (MOL) to install the Wind Challenger, a wind-assisted&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40858554/chevron-takes-step-towards-greener-shipping-details" rel="noreferrer noopener">propulsion&nbsp;system, on a new LNG carrier</a>.
Investors can gain exposure to the stock via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Price Action: CVX shares are up 1.27% at $145.78 at the last check Thursday.
Photo by Jonathan Weiss on Shutterstock
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<li><a href="https://www.benzinga.com//node/40937873" target="_blank" rel="noreferrer noopener">Walmart Steps Up Holiday Game, Inflation-Free Thanksgiving Meal Returns</a></li>
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Financial giants have made a conspicuous bearish move on Chevron. Our analysis of options history for Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) revealed 9 unusual trades.
Delving into the details, we found 44% of traders were bullish, while 55% showed bearish tendencies. Out of all the trades we spotted, 5 were puts, with a value of $262,772, and 4 were calls, valued at $193,400.
<h3>Expected Price Movements</h3>
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $135.0 and $160.0 for Chevron, spanning the last three months.
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Chevron stands at 3739.62, with a total volume reaching 1,343.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Chevron, situated within the strike price corridor from $135.0 to $160.0, throughout the last 30 days.
<h3>Chevron 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1726755435_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$6.7</td>
<td>$6.6</td>
<td>$6.7</td>
<td>$150.00</td>
<td>$114.5K</td>
<td>991</td>
<td style="text-align: right;">179</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$1.84</td>
<td>$1.61</td>
<td>$1.8</td>
<td>$160.00</td>
<td>$90.0K</td>
<td>4.8K</td>
<td style="text-align: right;">506</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$4.05</td>
<td>$3.9</td>
<td>$4.0</td>
<td>$140.00</td>
<td>$40.0K</td>
<td>4.7K</td>
<td style="text-align: right;">112</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>11/15/24</td>
<td>$1.42</td>
<td>$1.41</td>
<td>$1.42</td>
<td>$135.00</td>
<td>$38.9K</td>
<td>1.6K</td>
<td style="text-align: right;">279</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/18/26</td>
<td>$14.2</td>
<td>$13.85</td>
<td>$14.2</td>
<td>$155.00</td>
<td>$35.5K</td>
<td>162</td>
<td style="text-align: right;">25</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
After a thorough review of the options trading surrounding Chevron, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Where Is Chevron Standing Right Now?</h3>
<ul>
<li>Trading volume stands at 787,602, with CVX's price up by 1.45%, positioned at $146.05.</li>
<li>RSI indicators show the stock to be may be approaching overbought.</li>
<li>Earnings announcement expected in 36 days.</li>
</ul>
<h3>Expert Opinions on Chevron</h3>
Over the past month, 2 industry analysts have shared their insights on this stock, proposing an average target price of $189.0.
<ul>
<li>Maintaining their stance, an analyst from UBS continues to hold a Buy rating for Chevron, targeting a price of $189. </li>
<li>An analyst from Mizuho has decided to maintain their Outperform rating on Chevron, which currently sits at a price target of $189. </li>
</ul>
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Chevron with <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> for real-time alerts.

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Decoding Chevron's Options Activity: What's the Big Picture?

The conversions are intended to reduce greenhouse gas emissions by lowering methane slip in support of Chevron Shipping's broader efforts to reduce the carbon intensity of its operations. This marine industry first was made possible after two years of collaboration between the companies.

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Technology Group Wärtsilä, In Partnership With Chevron Shipping Company, Plans To Convert One Engine On Six Of Chevron Transport's LNG Carriers From Dual-fuel To Spark Gas Operation, The Order For The First Two Vessels Was Booked By Wärtsilä In Q3 2024

UBS analyst Josh Silverstein maintains Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Buy and lowers the price target from $192 to $189.

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UBS Maintains Buy on Chevron, Lowers Price Target to $189

The Biden administration announced a pause on pending decisions on<a href="https://www.benzinga.com/news/24/01/36805265/president-biden-announces-lng-export-decisions-pause" target="_blank" rel="noreferrer noopener"> liquefied natural gas (LNG) exports</a> back in January.
And Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) CEO Michael Wirth hasn&#8217;t been happy about it. 
What Happened: In a speech at the GasTech conference in Houston on Tuesday, Wirth predicted that the permitting halt will lead to higher energy costs, jeopardize supplies for America's European allies, and increase emissions by delaying the shift from coal to gas, <a href="https://finance.yahoo.com/news/chevron-ceo-attacks-biden-lng-163106836.html">reported</a> Bloomberg.
Wirth further remarked that &#8220;AI's advancement will depend not just on the innovation hubs of Silicon Valley but also on the natural gas fields of the Permian Basin,&#8221; per Reuters.
He also criticized the Biden administration for imposing a moratorium on LNG exports, advocating instead for an end to its criticism of natural gas. Additionally, Wirth proposed that moving from coal to gas could represent &#8220;the most significant carbon reduction effort ever.&#8221;
Why It Matters: President Joe Biden said in a statement in January, "This pause on new LNG approvals sees the climate crisis for what it is: the existential threat of our time,"
There&#8217;s also concern that the rise of artificial intelligence data centers have high power demands, which can undermine U.S. climate goals. The White House established a task force on AI Datacenter Infrastructure to align policies with economic and environmental objectives.
Last week, Chevron Shipping teamed up with&nbsp;Mitsui O.S.K. Lines (MOL)&nbsp;to install the Wind Challenger, a wind-assisted <a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40858554/chevron-takes-step-towards-greener-shipping-details" rel="noreferrer noopener">propulsion&nbsp;system, on a new LNG carrier</a>.
Investors can gain exposure to the stock via&nbsp;EA Series Trust Strive U.S. Energy ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Also Read: <a href="https://www.benzinga.com/markets/equities/24/09/40692415/energy-giant-chevron-boosts-gulf-of-mexico-production-with-new-water-injection-projects" target="_blank" rel="noreferrer noopener">Energy Giant Chevron Boosts Gulf Of Mexico Production With New Water Injection Projects</a>
Price Action: Chevron shares are up 0.15% at $143.62 at the last check Wednesday.
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40775786/oil-prices-seesaw-as-potential-storm-nears-us-gulf-coast" target="_blank" rel="noreferrer noopener">Oil Prices Seesaw As Potential Storm Nears US Gulf Coast</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Chevron Slams Biden's LNG Export Pause, Touts Natural Gas For AI Growth: Report

Mizuho analyst Nitin Kumar maintains Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) with a Outperform and lowers the price target from $205 to $189.

Mizuho Maintains Outperform on Chevron, Lowers Price Target to $189

Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) shares are trading higher on Friday. Chevron Shipping teamed up with Mitsui O.S.K. Lines (MOL) to install the Wind Challenger, a wind-assisted propulsion <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40852102/chevron-shipping-company-and-mol-to-install-wind-challenger-on-lng-carrier" rel="noreferrer noopener">system, on a new LNG carrier</a>.
This vessel will be the world&#8217;s first LNG carrier with wind-assisted propulsion, supporting Chevron&#8217;s efforts to lower carbon intensity.
The vessel is being built at the Geoje Shipyard of Hanwha Ocean Co., Ltd., with delivery scheduled for 2026.
In August 2024, MOL received approval in principle (AiP) from Nippon Kaiji Kyokai (Class NK), marking the first approval for an LNG carrier with a Wind-Assisted Ship Propulsion System. The Chevron-chartered vessel will be the first to implement this technology.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40556466/exxon-bets-big-on-oil-expects-crude-demand-to-defy-green-transition" rel="noreferrer noopener">Exxon Bets Big On Oil: Expects Crude Demand To Defy Green Transition</a>
Takeshi Hashimoto, President, and CEO of Mitsui O.S.K. Lines, said, &#8220;With the understanding and cooperation of Chevron, we are delighted to be able to expand the Wind Challenger Project to LNG carriers in addition to the two delivered Wind Challenger-equipped bulkers and other ongoing projects.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/24/08/40526637/chevron-secured-new-ghg-assessment-permit-in-australia" rel="noreferrer noopener">Chevron Secured New GHG Assessment Permit in Australia</a>
&#8220;Achieving GHG reduction in the maritime transport of LNG, which is increasingly in demand worldwide as a transition fuel, is a very important mission for us. This project will undoubtedly be a significant milestone towards achieving &#8216;net-zero emissions by 2050&#8217;, a medium to long-term goal of the Mitsui O.S.K. Lines Group.&#8221;
This month, Chevron disclosed that it had started water injection operations at its Jack/St. Malo and Tahiti facilities in<a target="_blank" href="https://www.benzinga.com/markets/equities/24/09/40692415/energy-giant-chevron-boosts-gulf-of-mexico-production-with-new-water-injection-projects" rel="noreferrer noopener"> the&nbsp;deepwater U.S. Gulf of Mexico</a>.
Investors can gain exposure to the stock via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Price Action: CVX shares are up 1.17% at $140.84 at the last check Friday.
Image via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40775786/oil-prices-seesaw-as-potential-storm-nears-us-gulf-coast" target="_blank" rel="noreferrer noopener">Oil Prices Seesaw As Potential Storm Nears US Gulf Coast</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

<a href="https://www.bsee.gov/" title="https://www.bsee.gov/">https://www.bsee.gov/</a>

SHEL

39% Of Oil Production At U.S. Gulf Of Mexico Shut As Hurricane Francine Takes Aim At Louisiana Coast

Deep-pocketed investors have adopted a bullish approach towards Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in CVX usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 17 extraordinary options activities for Chevron. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 47% leaning bullish and 41% bearish. Among these notable options, 7 are puts, totaling $286,361, and 10 are calls, amounting to $540,100.
<h3>Expected Price Movements</h3>
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $136.0 to $170.0 for Chevron over the last 3 months. 
<h3>Analyzing Volume &amp; Open Interest</h3>
In today's trading context, the average open interest for options of Chevron stands at 2399.14, with a total volume reaching 2,066.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Chevron, situated within the strike price corridor from $136.0 to $170.0, throughout the last 30 days.
<h3>Chevron Option Volume And Open Interest Over Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725981391_0.png" alt="Options Call Chart" />
<h3>Biggest Options Spotted:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>12/20/24</td>
<td>$6.5</td>
<td>$6.4</td>
<td>$6.5</td>
<td>$140.00</td>
<td>$114.4K</td>
<td>568</td>
<td style="text-align: right;">190</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$3.1</td>
<td>$3.05</td>
<td>$3.1</td>
<td>$140.00</td>
<td>$93.3K</td>
<td>749</td>
<td style="text-align: right;">376</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>01/17/25</td>
<td>$23.25</td>
<td>$22.95</td>
<td>$23.05</td>
<td>$160.00</td>
<td>$80.6K</td>
<td>4.2K</td>
<td style="text-align: right;">35</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>08/15/25</td>
<td>$7.6</td>
<td>$7.45</td>
<td>$7.45</td>
<td>$150.00</td>
<td>$74.5K</td>
<td>465</td>
<td style="text-align: right;">101</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$4.85</td>
<td>$4.75</td>
<td>$4.85</td>
<td>$150.00</td>
<td>$60.1K</td>
<td>536</td>
<td style="text-align: right;">11</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
Following our analysis of the options activities associated with Chevron, we pivot to a closer look at the company's own performance.
<h3>Chevron's Current Market Status</h3>
<ul>
<li>Trading volume stands at 2,823,047, with CVX's price down by -1.55%, positioned at $138.13.</li>
<li>RSI indicators show the stock to be may be approaching oversold.</li>
<li>Earnings announcement expected in 45 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Chevron, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Friday's jobs report marked the second month in a row with substantially fewer jobs created than analysts expected—renewing fears that a recession is imminent, if not already underway.
With all three major market indices sliding on the news, the selloff may just be getting started.
And none other than Warren Buffett—the legendary "Oracle of Omaha" is leading the charge…
Warren Buffett's Berkshire Hathaway has dumped millions of shares of various stocks over the last few months—and is now sitting on a record cash position of $276 billion. The massive selling is reminiscent of Berkshire's stock sales ahead of 2022—the worst year for markets since the 2008 financial crisis.
Here are the top 3 stocks Warren Buffett is selling now.
Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>)
Berkshire Hathaway has cut its position in Apple by nearly 50% in recent months, reducing its position from over $135 billion to just over $84 billion today.
When asked about the move at the most recent conference for Berkshire Hathaway shareholders in May, Buffett said the move was for tax reasons.
But there's no denying that Apple's earnings and revenue growth have slowed in recent months.
Last quarter, the tech giant reported year-over-year quarterly revenue growth of just 4.9%. Earnings growth came in at 7.9%
Bank of America (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BAC#NYSE">BAC</a>)
Last quarter, Berkshire Hathaway reduced its position on Bank of America by $37 billion.
The move comes as Bank of America reports negative quarterly earnings growth of 6.8%. Revenues also shrank last quarter, retreating by 0.8%.
Analysts are forecasting a 10% dip in growth for BAC over the next quarter. Banks are typically hard-hit by recession, as rising defaults cut into their earnings. In any case, it seems that mainstream analysts see the same potential for trouble for BAC in the months ahead that Warren Buffett does.
Chevron Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>)
Buffett has been very bullish on oil and gas stocks in the post-Covid years, so it's interesting that he's unloaded 30.6 million shares of the energy giant last quarter.
At one time, Chevron was the fifth-largest holding in Berkshire Hathaway's portfolio. But it's possible that Buffett sees a prolonged period of lower energy prices ahead, since recessions and other economic drawdowns always reduce energy demand, and therefore profits for oil and gas companies.
Nationally, gas prices are already over 50 cents cheaper per gallon than they were a year ago… and they're still falling, thanks to a few factors including an unusually mild hurricane season and the rise of electric vehicles.
Chevron, not coincidentally, is joining a host of energy companies coming under pressure. It reported a decline in quarterly earnings of 26.2%, and grew revenues by just 4.8% last quarter on a year-over-year basis.
If you want to find your own stocks to buy you can use my strategy of <a href="http://Buy at this blue line and you'll have a shot at trading profitably">Buying at this blue line and you too can have a shot at trading profitably</a>
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Three Stocks Warren Buffett Is Selling as a Recession Nears

Oil futures edged up but then fell on Monday as <a href="https://www.benzinga.com/markets/commodities/24/09/40754979/gas-station-charges-less-than-2-50-per-gallon-how-inflation-energy-prices-are-faring-now">a possible hurricane </a>makes its way toward the U.S. Gulf Coast, continuing last week&#8217;s losses.
Brent crude was up 16 cents, or 0.23%, to $71.22 a barrel at 8:15 a.m. ET while West Texas Intermediate crude futures were 19 cents, or 0.28%, higher at $67.86, Reuters reported.
By 10 a.m. ET, however, Brent crude slipped 26 cents, or 0.37%, to $70.80 a barrel by 10 a.m. ET while West Texas Intermediate crude futures were down 21 cents, or 0.3%, at $67.53.
Prices of Brent crude had dropped over the past six trading sessions, falling by more than 11%, or almost $9 a barrel, to post the lowest closing price since December 2021 on Friday.
Analysts noted that Monday&#8217;s brief rebound was driven in part by concerns over a potential hurricane approaching the U.S. Gulf Coast, along with supply disruptions from Libya, which have been pushing prices higher, according to Reuters.
Libya&#8217;s NOC (National Oil Corporation) late last week declared force majeure on several crude cargoes loading from the Es Sider port, with oil production curtailed by a political standoff over the central bank and oil revenue, four trading sources with knowledge of the matter told Reuters.
Read Also: <a href="https://www.benzinga.com/markets/asia/24/08/40553739/oil-prices-rally-as-middle-east-tensions-rise-libya-warns-of-potential-production-halt-10-energy-sto">Oil Prices Rally As Middle East Tensions Rise, Libya Warns Of Potential Production Halt: 10 Energy Stocks On The Move Monday</a>
A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday. The U.S. Gulf Coast accounts for about 60% of U.S. refining capacity.
&#8220;A small recovery in prices is under way this morning, inspired by hurricane warnings that might threaten the U.S. Gulf Coast, but the wider conversation remains on where demand will come from and what OPEC+ can do,&#8221; said PVM analyst John Evans, according to Reuters.
The OPEC+ oil producer group last week held back a planned output increase of 180,000 barrels per day for October by two months in reaction to tumbling crude prices
Trading houses Gunvor and Trafigura are expecting oil prices to range between $60 and $70 a barrel due to sluggish Chinese demand and persistent oversupply, executives told the APPEC conference in Singapore on Monday.
Meanwhile, Morgan Stanley cut its Brent price forecast for the fourth quarter from $80 a barrel to $75, adding that prices are likely to remain around that level unless demand weakens further.
Price Action: Oil companies saw gains into Monday&#8217;s early-morning trading.
<ul>
<li>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) gained 0.56% to $113.28</li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) rose 0.58% to $139.37</li>
<li>Marathon Oil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MRO#NYSE">MRO</a>) picked up 0.52% to $26.86</li>
</ul>
Exchange-traded funds that hold oil stocks declined.
<ul>
<li>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) declined 1.15%</li>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) fell 2.13%</li>
<li>United States Brent Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNO#NYSE">BNO</a>) declined 1.04%</li>
</ul>
Read Now:
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<li><a href="https://www.benzinga.com/etfs/specialty-etfs/24/07/39600380/oil-prices-near-3-month-high-at-84-as-record-us-travel-demand-hurricane-season-impact-supply">Oil Prices Near 3-Month High At $84 As US Travel Demand Hits Record, Hurricane Season Impacts Supply</a></li>
</ul>
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Analyst Color

Futures

ETFs

Oil Prices Seesaw As Potential Storm Nears US Gulf Coast

Big oil giants Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) and Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) moved up slightly in the pre-market session Monday in a bid to recover from last week's losses. Both enterprises – particularly the former – suffered heavy losses following concerns about the economy.
Anxieties only became more heightened on Friday following the<a href="https://www.benzinga.com/economics/macro-economic-events/24/09/40748557/job-creation-falls-short-of-expectations-in-august-unemployment-rate-ticks-lower-"> release of the August jobs report</a>. Payrolls last month expanded by 142,000, up from 89,000 in July but below economists' forecast calling for 161,000. At the same time, the unemployment rate declined to 4.2%, matching expectations. Still, the so-called "real" unemployment figure – a metric that includes discouraged workers and people occupying part-time roles –<a href="https://www.cnbc.com/2024/09/06/jobs-report-august-2024.html"> jumped to 7.9%</a>.
Naturally, the implication of a slowing economy hurt oil prices, leading to a significant decline in the benchmark indices West Texas Intermediate and Brent Crude. Adding to the jitters,<a href="https://www.benzinga.com/news/24/08/40312762/chinas-low-consumer-confidence-creates-panic-among-global-giants-we-dont-know-how-long-it-will-take"> deflated consumer confidence indicators</a> in China has panicked major western brands. In turn, the threat of reduced global hydrocarbon demand negatively impacted oil prices.
If these issues weren't enough, geopolitical dynamics – especially revolving around the Middle East – could unsettle the energy market in unpredictable ways. It's worth pointing out that historically, the countries that make up OPEC+ have<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/04/38073267/crude-prices-could-hit-95-this-summer-oil-is-fighting-the-fed-again"> cut production to support fading prices</a>.
Still, not every element in the hydrocarbon ecosystem is negative for investors. In the short term,<a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37662837/ukraine-drones-target-russian-oil-installations-why-us-gasoline-prices-are-at-risk"> Ukrainian drone attacks on Russian oil installations</a> have greatly damaged the aggressor nation's downstream infrastructure. Continued disruptions could cynically boost oil prices due to the artificial supply destruction.
Over the long run, the International Energy Agency estimates that "India will become the<a href="https://www.iea.org/reports/indian-oil-market/executive-summary"> largest source of global oil demand growth</a> between now and 2030." If so, this demand profile may help offset the slowdown from the Chinese market.
The ETFs: With multiple pieces in play, investors willing to play either or both sides of the arena may consider Direxion's vast portfolio of leveraged exchange-traded funds. For the bulls, the Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bull 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GUSH#NYSE">GUSH</a>) offer 200% exposure to the performance of the underlying S&amp;P Oil &amp; Gas Exploration &amp; Production Select Industry Index.
The top three holdings of the underlying index are Diamondback Energy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FANG#NASDAQ">FANG</a>), Permian Resources Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PR#NYSE">PR</a>) and Matador Resources Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTDR#NYSE">MTDR</a>). Those who are bearish on hydrocarbons may consider the Direxion Daily S&amp;P Oil &amp; Gas Exp. &amp; Prod. Bear 2X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRIP#NYSE">DRIP</a>). The DRIP ETF aims to replicate 200% of the inverse performance of the aforementioned index.
Irrespective of the fund selected, investors must be aware that GUSH and DRIP must only be held for no more than one day. Otherwise, the daily compounding effect associated with these leveraged vehicles can lead to an unfavorable disassociation between expected and actual fund performance.
The GUSH ETF: Although GUSH started the year off strongly following a minor hiccup in early January, the ETF has subsequently dropped more than 18% on a year-to-date basis.
<ul>
<li>Unfortunately for the bulls, the last few sessions seem to have knocked the wind out of the hydrocarbon energy market, with GUSH sitting noticeably below its 50-day moving average ($32.84) and 200 DMA ($34.47).</li>
<li>Nevertheless, the $27 price range appears to be a long-term support line. Should GUSH hold strong, it could eke out a recovery, especially because of the existence of positive fundamental catalysts.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeTg98neHLKUwv_LtBd4PmihNkK8gHWhE1R9sFn6LWKr-4qAOQqOPu4dMnWzAVhdKcm6m_ekWFi7CXLAnJ38FkJR9nryWFil5PFYw-AlI1bXVSKiQQIsCvf0YS5ke6BtZlCn_-QheLnw58OPBbxCo1Z0s4A?key=GtCS6vkVSICcZVYUdmBpVQ" alt="" /></figure>
The DRIP ETF: On the other end of the equation, DRIP got off to a very rocky start in 2024. However, since April, fading oil prices have contributed to profits for the pessimists.
<ul>
<li>In contrast to the 2X bull fund, the DRIP ETF enjoyed a robust performance last week, gaining over 15% of market value.</li>
<li>Whether the bear fund can continue its trek higher remains to be seen. Conspicuously, DRIP is running up against a resistance zone that runs from around $12 to $13.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcDGf0raDzeTXG-s0vRcOBY8G5NATB7rhhtGHtPos-oKPf-qhVW5pJ-pdZo-I74_e53Xp57GZ0ST-621BRjUU3RtAicIsgQ_i3qFZCZIQe9WaEfbROye1elM3oCyIeFZwVpSpISQRfz4Pm7ijWJOSchEB4?key=GtCS6vkVSICcZVYUdmBpVQ" alt="" /></figure>
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MTDR

Weighing Risks And Opportunities With Direxion's 2X Leveraged Oil ETFs

Investors with a lot of money to spend have taken a bullish stance on Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>).
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with CVX, it often means somebody knows something is about to happen.
So how do we know what these investors just did? 
Today, <a href="https://pro.benzinga.com/?utm_source=insights">Benzinga</a>'s options scanner spotted 28 uncommon options trades for Chevron.
This isn't normal.
The overall sentiment of these big-money traders is split between 35% bullish and 28%, bearish.
Out of all of the special options we uncovered, 18 are puts, for a total amount of $1,626,319, and 10 are calls, for a total amount of $472,975.
<h3>What's The Price Target?</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $120.0 to $160.0 for Chevron during the past quarter. 
<h3>Volume &amp; Open Interest Trends</h3>
Looking at the volume and open interest is a powerful move while trading options. This data can help you track the liquidity and interest for Chevron's options for a given strike price. Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale trades within a strike price range from $120.0 to $160.0 in the last 30 days. 
<h3>Chevron 30-Day Option Volume &amp; Interest Snapshot</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1725654679_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th style="text-align: right;">Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$18.75</td>
<td>$18.5</td>
<td>$18.6</td>
<td>$155.00</td>
<td>$185.8K</td>
<td>770</td>
<td style="text-align: right;">492</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$18.75</td>
<td>$18.5</td>
<td>$18.57</td>
<td>$155.00</td>
<td>$185.7K</td>
<td>770</td>
<td style="text-align: right;">695</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$18.75</td>
<td>$18.5</td>
<td>$18.57</td>
<td>$155.00</td>
<td>$185.7K</td>
<td>770</td>
<td style="text-align: right;">695</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>03/21/25</td>
<td>$18.7</td>
<td>$18.5</td>
<td>$18.56</td>
<td>$155.00</td>
<td>$185.7K</td>
<td>770</td>
<td style="text-align: right;">695</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>09/20/24</td>
<td>$11.0</td>
<td>$10.85</td>
<td>$10.9</td>
<td>$150.00</td>
<td>$98.1K</td>
<td>4.8K</td>
<td style="text-align: right;">170</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
After a thorough review of the options trading surrounding Chevron, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
<h3>Chevron's Current Market Status</h3>
<ul>
<li>With a volume of 7,804,635, the price of CVX is down -1.62% at $138.64. </li>
<li>RSI indicators hint that the underlying stock may be approaching oversold.</li>
<li>Next earnings are expected to be released in 49 days.</li>
</ul>
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Chevron, <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a> gives you real-time options trades alerts.

Oil prices fell on Wednesday after OPEC+ sources said that it was talking about holding back a plan <a href="https://www.benzinga.com/news/24/09/40703958/trumps-drill-baby-drill-pledge-may-not-deliver-promised-energy-price-cuts-experts-warn">to boost output</a> in October due to concerns over demand and production possibly coming back to Libya.
Brent crude futures were down 53 cents, or 0.72% , to $73.20 as of 12:15 pm ET Wednesday. 
U.S. West Texas Intermediate crude futures were down 57 cents, or 0.81%, to $69.77. 
Both benchmarks had earlier lost $1 and then bounced back to gain $1 from Tuesday&#8217;s close, following the OPEC+ news.
A broader sell-off had seen prices for Brent crude futures drop as much as 11%, or about $9, in a little over a week to reach a low of $72.63 on Wednesday, Reuters reported. Benchmark prices fell more than 4% Tuesday.
Weak data from the U.S. and China had boosted forecasts of a weaker global economy and oil demand that triggered a broader decline&nbsp;in world markets.
Read Also: <a href="https://www.benzinga.com/trading-ideas/24/09/40687828/brent-crude-under-pressure-amid-supply-expansion-concerns">Brent Crude Under Pressure Amid Supply Expansion Concerns</a>
At the same time, traders believed a dispute stopping Libyan oil exports may come to an end and therefore increase crude oil supply.
These factors have concerned OPEC+ over market volatility after the group planned to boost output in October, making it consider delaying the hikes.
 China&#8217;s manufacturing activity fell to a six-month low in August as growth in new home prices&nbsp;cooled off, according to data released Saturday.
Meanwhile, in the U.S., Institute for Supply Management data on Tuesday showed manufacturing stayed soft.
Reports from the American Petroleum Institute are due at 4:30 p.m. ET Wednesday and from the Energy Information Administration at 11 a.m. ET Thursday.
Price Action: Oil companies and exchange traded funds that hold their stocks trended downward into Wednesday&#8217;s early-afternoon trading.
<ul>
<li>Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) slipped 0.62% to $114.75 </li>
<li>Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) declined 0.82% to $143.48</li>
<li>Shell plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SHEL#NYSE">SHEL</a>) fell 0.80% to $68.83</li>
<li>United States Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/USO#NYSE">USO</a>) slid 1.31% to $70.16</li>
<li>ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) lost 2.33% to $25.58</li>
<li>United States Brent Oil Fund LP (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BNO#NYSE">BNO</a>) declined 1.11% to $28.40</li>
</ul>
Read Now: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/09/40714894/stocks-rebound-chipmakers-halt-bloodbath-as-traders-upgrade-rate-cut-wagers-tesla-rises-do">Stocks Rebound, Chipmakers Halt Bloodbath As Traders Upgrade Rate Cut Wagers; Tesla Rises, Dollar Tree In Free Fall: What&#8217;s Driving Markets Wednesday?</a></li>
</ul>
Photo: Shutterstock

Sector ETFs

Oil Prices Retreat As OPEC+ Discusses Delay In Production Hikes

Chevron Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) shares are trading lower today. The company disclosed that it has started water injection operations at its Jack/St. Malo and Tahiti facilities in the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/09/b40685755/chevron-boosts-oil-and-natural-gas-recovery-at-two-facilities-in-u-s-gulf-of-mexico" rel="noreferrer noopener">deepwater U.S. Gulf of Mexico</a>.
The St. Malo field and Jack/St. Malo facility, 280 miles south of New Orleans in 7,000 feet of water, has produced nearly 400 million barrels of oil equivalent since 2014.
At the Jack/St. Malo facility, Chevron successfully initiated its first water injection in the deepwater Wilcox trend at the St. Malo field. This project, completed under budget, includes new water injection facilities, two production wells, and two injection wells.
The project is anticipated to increase the St. Malo field&#8217;s gross ultimate recovery by approximately 175 million barrels of oil equivalent.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40397860/chevron-to-pay-richmond-550m-over-10-years-avoids-new-refinery-tax" rel="noreferrer noopener">Chevron To Pay Richmond $550M Over 10 Years, Avoids New Refinery Tax</a>
At the Tahiti facility, 190 miles south of New Orleans in 4,100 feet of water, Chevron has begun water injection into deepwater wells, including installing a new manifold and 20,000 feet of flowline.
These projects aim to enhance oil and natural gas recovery, where Chevron produces some of the world&#8217;s lowest-carbon oil and gas.
Bruce Niemeyer, president, Chevron Americas Exploration &amp; Production, said, &#8220;Delivery of these two projects maximizes returns from our existing resource base and contributes toward growing our production to 300,000 net barrels of oil equivalent per day in the U.S. Gulf of Mexico by 2026.&#8221;&nbsp;
&#8220;These achievements follow the recent production startup at our high-pressure Anchor field, reinforcing Chevron&#8217;s position as a leader in technological delivery and project execution in the Gulf.&#8221;
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/asia/24/08/40478875/energy-giant-chevron-to-plough-1b-into-indias-bengaluru-tech-centre-add-600-jobs" rel="noreferrer noopener">Energy Giant Chevron To Plough $1B Into India&#8217;s Bengaluru Tech Centre, Add 600 jobs</a>
Investors can gain exposure to the stock via&nbsp;EA Series Trust Strive U.S. Energy ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DRLL#NYSE">DRLL</a>) and&nbsp;SPDR Select Sector Fund – Energy Select Sector&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Price Action: CVX shares are down 1.7% at $145.44 at the last check Tuesday.
Photo by Jonathan Weiss on Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/equities/24/08/40556466/exxon-bets-big-on-oil-expects-crude-demand-to-defy-green-transition" target="_blank" rel="noreferrer noopener">Exxon Bets Big On Oil: Expects Crude Demand To Defy Green Transition</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Energy Giant Chevron Boosts Gulf Of Mexico Production With New Water Injection Projects

Chevron Boosts Oil And Natural Gas Recovery At Two U.S. Facilities

Whales with a lot of money to spend have taken a noticeably bearish stance on Chevron.
Looking at options history for Chevron (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) we detected 21 trades.
If we consider the specifics of each trade, it is accurate to state that 42% of the investors opened trades with bullish expectations and 57% with bearish.
From the overall spotted trades, 10 are puts, for a total amount of $652,588 and 11, calls, for a total amount of $944,756.
<h3>Projected Price Targets</h3>
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $125.0 to $165.0 for Chevron during the past quarter. 
<h3>Insights into Volume &amp; Open Interest</h3>
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Chevron's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Chevron's whale activity within a strike price range from $125.0 to $165.0 in the last 30 days. 
<h3>Chevron Option Activity Analysis: Last 30 Days</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1724782538_0.png" alt="Options Call Chart" />
<h3>Noteworthy Options Activity:</h3>

<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Ask</th>
<th>Bid</th>
<th>Price</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>12/20/24</td>
<td>$1.44</td>
<td>$1.39</td>
<td>$1.39</td>
<td>$165.00</td>
<td>$455.6K</td>
<td>3.0K</td>
<td>3.7K</td>
</tr>
<tr>
<td>CVX</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>10/18/24</td>
<td>$1.56</td>
<td>$1.5</td>
<td>$1.56</td>
<td>$155.00</td>
<td>$156.0K</td>
<td>5.8K</td>
<td>1.1K</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$11.35</td>
<td>$10.55</td>
<td>$10.6</td>
<td>$140.00</td>
<td>$106.0K</td>
<td>2.1K</td>
<td>100</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>06/20/25</td>
<td>$9.2</td>
<td>$9.2</td>
<td>$9.2</td>
<td>$145.00</td>
<td>$91.9K</td>
<td>1.4K</td>
<td>0</td>
</tr>
<tr>
<td>CVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>01/16/26</td>
<td>$9.05</td>
<td>$8.8</td>
<td>$8.9</td>
<td>$135.00</td>
<td>$89.0K</td>
<td>234</td>
<td>0</td>
</tr>
</tbody>
</table>

<h3>About Chevron</h3>
Chevron is an integrated energy company with exploration, production, and refining operations worldwide. It is the second-largest oil company in the United States with production of 3.1 million of barrels of oil equivalent a day, including 7.7 million cubic feet a day of natural gas and 1.8 million of barrels of liquids a day. Production activities take place in North America, South America, Europe, Africa, Asia, and Australia. Its refineries are in the US and Asia for total refining capacity of 1.8 million barrels of oil a day. Proven reserves at year-end 2023 stood at 11.1 billion barrels of oil equivalent, including 6.0 billion barrels of liquids and 30.4 trillion cubic feet of natural gas.
Having examined the options trading patterns of Chevron, our attention now turns directly to the company. This shift allows us to delve into its present market position and performance
<h3>Where Is Chevron Standing Right Now?</h3>
<ul>
<li>Currently trading with a volume of 2,351,591, the CVX's price is down by -0.98%, now at $147.04. </li>
<li>RSI readings suggest the stock is currently may be approaching oversold.</li>
<li>Anticipated earnings release is in 59 days.</li>
</ul>
<h3>What Analysts Are Saying About Chevron</h3>
In the last month, 3 experts released ratings on this stock with an average target price of $173.0.
<ul>
<li>An analyst from RBC Capital persists with their Outperform rating on Chevron, maintaining a target price of $180. </li>
<li>Consistent in their evaluation, an analyst from Truist Securities keeps a Hold rating on Chevron with a target price of $154. </li>
<li>An analyst from Barclays persists with their Overweight rating on Chevron, maintaining a target price of $185. </li>
</ul>
Options trading presents higher risks and potential rewards. Astute traders manage these risks by continually educating themselves, adapting their strategies, monitoring multiple indicators, and keeping a close eye on market movements. Stay informed about the latest Chevron options trades with real-time alerts from <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.

Chevron's Options Frenzy: What You Need to Know

Exxon Mobil Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>) shares are trading higher on Monday. In its latest global oil outlook, the company stated that it expects crude demand to remain above <a target="_blank" href="https://corporate.exxonmobil.com/-/media/global/files/global-outlook/2024/global-outlook-executive-summary.pdf" rel="noreferrer noopener">100</a> million barrels per day through 2050.
Exxon&#8217;s projected stronger demand supports its ambitious production growth plans, and it projects that oil demand will plateau beyond 2030.
The outlook reflects a natural decline in oil production of about 15% per year, nearly double the IEA&#8217;s previous estimate of 8%.
This increase is the result of the world's shifting energy mix toward unconventional sources of oil and natural gas.
Exxon says that, without new investments, global oil supplies could drop by over 15 million barrels per day in the first year, potentially falling to under 30 million barrels per day by 2030, leaving a 70 million barrel daily shortfall.
Exxon projects that electric vehicles will have a minimal impact on long-term global oil demand and adds that &#8220;If every new car sold in the world in 2035 were electric, oil demand in 2050 would still be 85 million barrels per day.&#8221;
Exxon Economics, Energy and Strategic Planning Director Chris Birdsall told Reuters, &#8220;Oil and gas demand have a very, very long runway and will continue to grow over the next few years.&#8221;
He added, &#8220;Global oil and natural gas supplies would virtually disappear without continued investments.&#8221;
&#8220;The biggest reason for the change is the shift to more short-cycle unconventional assets.&#8221;
As per Reuters report, Exxon&#8217;s outlook on global carbon emissions is more cautious than BP p.l.c. &#8216;s&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BP#NYSE">BP</a>), with significant reductions expected post-2029, compared to BP&#8217;s mid-decade target.
Exxon plans to produce 4.3 million barrels of oil and gas daily this year—30% more than Chevron Corporation&#8216;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) current output—while BP aims to cut its production to around 2 million barrels per day by 2030.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40467815/arbitration-to-uncover-hidden-value-of-hess-guyana-oil-assets-in-exxon-mobil-vs-chevron-dispute-" rel="noreferrer noopener">Arbitration To Uncover Hidden Value Of Hess&#8217; Guyana Oil Assets In Exxon Mobil vs. Chevron Dispute: Report</a>
Investors can gain exposure to the XOM via&nbsp;Energy Select&nbsp;Sector&nbsp;SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>) and&nbsp;IShares U.S.&nbsp;Energy&nbsp;ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IYE#NYSE">IYE</a>).
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/08/40335015/exxon-mobil-reduces-staff-after-pioneer-merger-report" rel="noreferrer noopener">Exxon Mobil Reduces Staff After Pioneer Merger: Report</a>
Price Action: XOM shares are up 0.63% at $117.05 at the last check Monday.
Photo: Del Henderson Jr. via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/40553848" target="_blank" rel="noreferrer noopener">Baker Hughes Says US Oil And Gas Rig Count Declines For Second Week: Report</a></li>
</ul>
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Guidance

Media

iShares Dow Jones US Energy Sector Index Fund

Exxon Bets Big On Oil: Expects Crude Demand To Defy Green Transition

Legendary investor Warren Buffett&#8216;s oil pick &#8211; Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>) &#8211; is currently navigating choppy waters. Chevron, a titan in the global energy sector, is the fifth-largest holding of the &#8220;Oracle of Omaha&#8217;s&#8221; Berkshire Hathaway Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BRK#NYSE">BRK</a>) portfolio.
The oil and gas giant, originally known as Standard Oil Company of California, operates in over 180 countries and has a storied history. However, recent technical signals suggest rough times ahead <a href="https://www.benzinga.com/quote/CVX/news">for Chevron stock</a>.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="457" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095339/Screenshot-2024-08-26-at-6.47.10-PM.png" alt="" class="wp-image-513774" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095339/Screenshot-2024-08-26-at-6.47.10-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095339/Screenshot-2024-08-26-at-6.47.10-PM-300x217.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The recent formation of a Death Cross raises concerns for investors. With the stock down 1.24% year-to-date, 7.86% over the past year, and 6.47% in the last month, investors are left wondering: Is it time to pump the brakes?
<h2 class="wp-block-heading">Death Cross Signals A Potential Downturn – Time To Panic?</h2>
A death cross, a technical analysis pattern that occurs when the 50-day simple moving average (SMA) falls below the 200-day SMA, is often viewed as a bearish indicator signaling a potential downturn. This pattern recently emerged for Chevron stock, sparking concerns about the stock&#8217;s near-term trajectory. 
But is the market overreacting, or should investors truly be wary?
<h2 class="wp-block-heading">Chevron&#8217;s Moving Averages: A Mixed Bag Of Signals</h2>
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="457" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095449/Screenshot-2024-08-26-at-6.47.24-PM.png" alt="" class="wp-image-513779" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095449/Screenshot-2024-08-26-at-6.47.24-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095449/Screenshot-2024-08-26-at-6.47.24-PM-300x217.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
Looking at the moving averages, Chevron&#8217;s stock price sits at $147.62, below both its 50-day SMA of $152.73 and its 200-day SMA of $152.89, signaling a bearish outlook.
<figure class="wp-block-image size-full"><a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="631" height="457" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095706/Screenshot-2024-08-26-at-6.46.36-PM.png" alt="" class="wp-image-513781" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095706/Screenshot-2024-08-26-at-6.46.36-PM.png 631w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/26095706/Screenshot-2024-08-26-at-6.46.36-PM-300x217.png 300w" sizes="(max-width: 631px) 100vw, 631px" /></a></figure>
<a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent082624&amp;t=be2bearmibe3na1">Chart created using Benzinga Pro</a>
The Moving Average Convergence Divergence (MACD) indicator, a key momentum indicator, is at a negative 2.08, further supporting the bearish sentiment. 
However, the stock's eight-day simple moving average is $146.28 and 20-day SMA is $147.25 &#8211; both below the current price at $147.62 &#8211; thereby, generating a bullish signal over the short term.
Read Also: <a href="https://www.benzinga.com/markets/equities/24/08/40317663/chevron-makes-deepwater-breakthrough-with-high-pressure-anchor-project">Chevron Makes Deepwater Breakthrough with High-Pressure Anchor Project</a>
<h2 class="wp-block-heading">Is Chevron Overbought Or Oversold? RSI Suggests A Middle Ground</h2>
Chevron&#8217;s Relative Strength Index (RSI), another key technical indicator, is at 46.53. This suggests the stock not quite in the danger zone of overselling. The RSI indicates a cautious stance; while there may be room for a rebound, the overall trend appears stagnant at best.
<h2 class="wp-block-heading">Is Volatility On The Horizon For CVX Stock?</h2>
The Bollinger Bands, set between $137.84 and $160.26, suggest that Chevron&#8217;s stock is trading in a relatively tight range, indicating potential for either a breakout or a further breakdown. Given the recent Death Cross, the likelihood leans towards the latter, with bearish momentum currently dominating. Moreover, the stock is currently trades in the lower bearish band.
<h2 class="wp-block-heading">Chevron&#8217;s Recent Moves: Strategic Shifts Amid Market Challenges</h2>
Chevron's recent news doesn&#8217;t help the bullish case either. 
The company missed earnings expectations in early August due to lower refining margins and announced a relocation of its headquarters from California to Texas. 
Furthermore, a delay in the Chevron-Hess deal due to an arbitration case with Exxon Mobil adds another layer of uncertainty to its future outlook.
<h2 class="wp-block-heading">Stay Cautious As Chevron Faces Technical, Market Headwinds</h2>
For investors, the recent Death Cross and bearish technical indicators signal caution. 
While there are a few bullish signs, such as the eight and 20-day SMA, the overwhelming sentiment remains bearish. Investors may want to wait for a clearer trend to develop before making any significant moves.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/equities/24/08/40333362/teslas-elon-musk-warns-against-vilifying-oil-and-gas-industry-in-trump-interview-cautions-agains">Tesla&#8217;s Elon Musk Warns Against Vilifying Oil And Gas Industry In Trump Interview, Cautions Against Rushing With Sustainable Energy Transition: &#8216;It&#8217;s Not Like The House Is On Fire Immediately&#8217;</a></li>
</ul>
Photo: Shutterstock

Warren Buffett's Oil Pick Just Made Death Cross: Should Chevron Investors Be Concerned?

Chevron Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvx#NYSE">CVX</a>) subsidiary, Chevron Australia New Ventures Pty Ltd, secured a significant greenhouse gas (&quot;GHG&quot;) assessment permit for offshore Western Australia. This permit strengthens CVX&#39;s commitment to providing lower-carbon energy solutions. The company&#39;s strategic focus on carbon capture and storage (&quot;CCS&quot;) initiatives to meet the growing global demand for energy while reducing carbon emissions is also highlighted.
<h2>Overview of the G-18-AP Permit</h2>
The newly awarded G-18-AP permit covers an expansive offshore area of approximately 8,467 square kilometers, located near Onslow, Western Australia. Water depth in the area ranges from 50 meters to 1100 meters, making it a key region for CVX&#39;s exploration of carbon storage capabilities. This permit will be evaluated as part of a larger hub designed for storing third-party emissions, including those generated by CVX&#39;s liquefied natural gas (&quot;LNG&quot;) operations.
The strategic importance of this permit cannot be overstated. As part of a joint venture, CVX will hold a 70% interest, while Woodside Energy Ltd., an Australian oil and gas exploration and production company, will hold the remaining 30% stake. In addition, CVX has agreed to farm down 5% of its equity in the permit to GS Caltex of Korea, subject to regulatory approval. This partnership not only broadens CVX&#39;s operational footprint but also aligns with its objective to leverage global expertise and resources for CCS deployment.
<h2>Significance of CSS in Australia&#39;s Energy Future</h2>
CCS is increasingly recognized as a critical technology in the global push to achieve net-zero emissions by 2050. According to the International Energy Agency, achieving global net-zero goals will be virtually impossible without large-scale adoption of CCS technologies. This permit is set to play a crucial role in this context by expanding CVX&#39;s portfolio of CCS assets in Australia, alongside its existing Gorgon CCS project.
The Gorgon CCS facility, one of the world&#39;s largest integrated CCS projects, has already captured and stored 10 million tones of CO2 equivalent. The addition of this permit enhances CVX&#39;s ability to contribute significantly to global efforts, aimed at reducing greenhouse gas emissions. As a leader in this space, CVX&#39;s continued focus on CCS technologies should highlight the company&#39;s commitment to balancing energy needs with environmental responsibility.
<h2>The Role of Joint Ventures in Advancing CCS Projects</h2>
Partnerships and joint ventures are key to the success of large-scale CCS initiatives. In the case of the new permit, CVX&#39;s collaboration with Woodside Energy and GS Caltex exemplifies the importance of bringing together balancing expertise and resources. CVX&#39;s 70% stake in the permit, coupled with Woodside&#39;s 30% participation, establish a robust operational framework for evaluating and developing the area as a major carbon storage hub.
GS Caltex&#39;s potential entry into the permit, contingent on regulatory approvals, adds another layer of strategic value by expanding the partnership&#39;s reach into key markets of Asia. This alignment of interests positions the joint venture to capitalize on the growing demand for carbon storage solutions, particularly in regions that are rapidly transitioning to low-carbon economies.
<h2>Chevron&#39;s Role in Global Climate Action</h2>
Beyond this new permit, CVX&#39;s portfolio includes several other GHG assessment permits, such as G-9-AP, G-10-AP and G-11-AP. These non-operated interests complement the company&#39;s leadership in the CCS sector, providing a diversified approach to emissions management.
The strategic location of these permits in Australia is critical. Australia is home to some of the world&#39;s most advanced CCS projects. CVX&#39;s deep-rooted presence in the region reinforces its ability to develop integrated solutions that address domestic and international emissions challenges. By focusing on the development of CCS infrastructure, CVX aims to not only reduce the carbon intensity of its own operations but also offer scalable solutions that can be adopted by other industries.
<h2>Expanding CCS: Potential Benefits and Challenges</h2>
The new permit offers substantial opportunities for expanding Australia&#39;s carbon storage capacity. However, the development and deployment of CCS technologies come with benefits and challenges. The successful implementation of CCS projects can significantly reduce the amount of CO2 released into the atmosphere, aligning with global climate goals. On the other hand, the complexity of large-scale CCS operations, including regulatory hurdles, technological advancements and cost considerations, requires meticulous planning and execution.
CVX&#39;s track record in managing similar projects, such as the Gorgon CCS facility, provides a strong foundation for overcoming these challenges. With proven expertise and a comprehensive strategy, the company is well-positioned to leverage the new permit to create a lasting impact on global emissions reduction efforts.
<h2>The Future of CCS in the Global Energy Landscape</h2>
As the world transitions to a low-carbon future, CCS should play an increasingly prominent role in achieving sustainability goals. For companies like CVX, integrating CCS into its broader energy strategies is not just about meeting regulatory requirements; this is about leading the way in sustainable innovation. The permit is a testament to CVX&#39;s commitment to delivering lower-carbon energy solutions and positioning itself at the forefront of the energy transition.
Looking ahead, the success of projects like this will depend on continued collaboration across industries, supportive regulatory environments and sustained investment in technology development. As CVX and its partners move forward with evaluating the permit area, the results will likely shape future CCS initiatives and set new benchmarks for the industry.
<h2>Conclusion</h2>
CVX&#39;s newly awarded greenhouse gas assessment permit highlights the company&#39;s strategic commitment to advancing CCS as a core component of its energy transition strategy. With a focus on reducing emissions and providing scalable solutions, CVX&#39;s initiatives in Australia reflect a broader vision for a sustainable future. As the company continues to assess and develop this permit area, the long-term implications for global carbon reduction efforts will be significant.
<h2>Zacks Rank and Key Picks</h2>
Currently, CVX carries a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like SM Energy Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sm#NYSE">SM</a>), sporting a Zacks Rank #1 (Strong Buy) and Northern Oil and Gas, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nog#NYSE">NOG</a>) and MPLX LP (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mplx#NYSE">MPLX</a>), each carrying a Zacks Rank #2 (Buy), at present.
Denver, CO-based SM Energy is valued at $5.08 billion. The company currently pays a dividend of 72 cents per share, or 1.62%, on an annual basis.
SM, an independent energy company, engages in the acquisition, exploration, development and production of oil, gas and natural gas liquids in the state of Texas.
Headquartered in Minnetonka, MN, Northern Oil and Gas is valued at $3.79 billion. The company currently pays a dividend of $1.6 per share, or 4.23%, on an annual basis.
NOG is an energy company that specializes in acquiring, exploring, developing and producing crude oil and natural gas in the United States. With a focus on three major U.S. basins&mdash;the Williston, Permian and Appalachian&mdash;NOG is actively involved in various stages of the energy production process.
Findlay, OH-based MPLX LP is valued at $43.03 billion. In the past year, its shares have risen 21.5%.
<div>
MPLX owns and operates midstream energy infrastructure and logistics assets primarily in the United States. It operates under two segments, namely Logistics and Storage, and Gathering and Processing.
<a href="https://www.zacks.com/stock/news/2326120/chevron-cvx-secured-new-ghg-assessment-permit-in-australia?cid=CS-BENZ-FT-analyst_blog|company_news_energy_sector-2326120">To read this article on Zacks.com click here.</a>
</div>

Dividends

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Chevron Secured New GHG Assessment Permit in Australia

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Investor One-on-One Meeting Requests Open for 29th Annual EnerCom Denver - The Energy Investment Conference, to be held August 18-21, 2024 in Denver, Colorado

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Chevron (CVX) Forecast

Chevron (NYSE:CVX) Stock, Quote.Headers.trade-ideas