New York, February 16, 2026, 15:04 EST — Markets ended the day closed.
- Chevron finished Friday’s session 0.73% higher, ending at $183.74.
- A Chevron-led consortium has inked leases to hunt for gas offshore Greece—a project with a lengthy timeline.
- Oil traders have their eyes on U.S.-Iran negotiations slated for Tuesday, with OPEC+ set to make its policy decision March 1. What happens next depends on these two events.
Chevron Corporation is bringing new upstream developments to the table as Wall Street reopens Tuesday. The oil major just inked deals to hunt for natural gas off Greece, marking another step in its eastern Mediterranean expansion.
With U.S. equity markets closed Monday for Presidents Day, investors will have to wait until the next session to react to Greece’s decision. 1
Chevron shares in the U.S. finished Friday’s session 0.73% higher at $183.74. Monday’s cash market holiday left traders eyeing crude price swings and fresh headlines to set up opening trades for Tuesday. 2
Chevron and Helleniq Energy have locked in exclusive rights to explore four deep-water blocks off southern Greece, stretching across roughly 47,000 square kilometres near the Peloponnese and Crete. This latest agreement, announced Monday, effectively doubles the country’s offshore area available for energy exploration and comes soon after a separate deal with Exxon Mobil. U.S. Ambassador Kimberly Guilfoyle called the move one that could “redraw” Europe’s energy landscape. Greek authorities made clear parliament still needs to approve the leases ahead of any seismic work, which they say won’t begin until later this year. Actual test drilling? That’s not expected before 2030-2032. 3
The drawn-out timeline is both Chevron’s opportunity and headache. With its signature, the company locks in a foothold in the basin and links itself to Europe’s ongoing scramble for gas. But the catch? Investors are reluctant to pay up for barrels that might not surface for years.
Oil dominated attention again. Brent crude hovered between $68 and $69 a barrel on Monday, notching a gain for the session—despite lighter holiday volumes dulling the typical cross-asset cues. 4
Chevron’s business blend comes into play. The company not only extracts oil and gas, but also refines crude into fuels and chemicals. That means any swings in crude prices or changes in refining margins can swiftly shift what analysts anticipate.
Risks cut both ways here. Delays in deep-water exploration, cost overruns, or shifting political winds could all throw plans off—then there’s the basic risk that the wells just don’t yield marketable gas. If crude prices ease and supply projections start to loosen, energy stocks could feel the pressure.
Brent, the global benchmark, finished Monday up 90 cents at $68.65 a barrel. U.S. West Texas Intermediate (WTI) was last quoted at $63.75, with no official settlement due to the holiday. “Fears of supply disruption” continue to anchor prices, according to Tamas Varga at PVM. SEB analysts point to a $60-$80 range, citing tensions with Iran. Traders now turn to the next round of U.S.-Iran talks in Geneva on Tuesday, Feb. 17, before OPEC+ meets March 1. 5
