Shares in Chevron, US refiners climb after Maduro ousted by US
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The news: Shares in US oil companies rose on Monday, maintaining gains notched in premarket US trading, as investors weighed the impact of the Trump administration captured Venezuelan President Nicolas Maduro and his wife, Cilia Flores, on the weekend.
The numbers: Shares in Chevron rose 6.4% at 7:40am ET (11:40pm AEDT), holding the gains during morning trading. ExxonMobil was up 2.1% and ConocoPhillips advanced 4.88% as of 9:30am ET (1:30am AEDT Tuesday).
The S&P 500 lifted 0.6%, with the Dow Jones lifting 0.6% and the Nasdaq climbing 0.8% at 9:30am ET (1:30am AEDT Tuesday).
The context: The military intervention in Venezuela has sent shockwave across the globe, with US President Donald Trump claiming that the White House will “run” the country until “a safe, proper and judicious transition” can take place.
The US Energy Information Administration says that Venezuela’s oil reserves represent around 17% of global oil reserves.
Earlier on Monday, Chevron’s former head of Latin American operations, Ali Moshiri, told the Financial Times that his Amos Global Energy Management fund had identified multiple Venezuelan assets and was talking to institutional investors about a private placement to kick-start investment.
Maduro is set to appear before a Manhattan federal court to face charges related to cocaine trafficking later on Monday.
The sources: Bloomberg, CNBC, Reuters, Financial Times
