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Little short-term change likely for U.S. oil market, Chevron CEO says

Sep. 16, 2019 6:22 PM ETChevron Corporation (CVX) StockCVXBy: Carl Surran, SA News Editor5 Comments
  • The attack on Saudi oil facilities will not have much impact on U.S. oil production in the short term but is a wake-up call to dangers in the oil market, Chevron (NYSE:CVX) CEO Michael Wirth told CNBC.
  • "Perhaps the market had grown a little bit comfortable with risks that we never became comfortable with," Wirth said on CNBC's Closing Bell. "These events demonstrate that those risks are real."
  • But the fundamental macro backdrop has not changed and long-term supply dynamics probably have not changed, the CEO said, adding it is far too early to raise capital spending plans in response to higher crude prices.
  • CVX historically has been the top performing Dow stock after crude oil surges, according to a CNBC analysis; shares finished +2.2% in today's trade.

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