CVX · 10-Q · 2026Q2 · Full report

Upstream Market Demand Trends

CHEVRON CORP · 2026-08-06 · Importance 47 · Surprise 48

Upstream prices remain closely tied to global demand for crude oil, natural gas and natural gas liquids, as well as industry production and inventory levels. Brent averaged $92 per barrel in the first six months of 2026 versus $72 per barrel in the prior-year period, while WTI averaged $83 versus $68. Henry Hub natural gas averaged $3.77 per thousand cubic feet, broadly comparable with $3.71 a year earlier. Chevron said additional Permian Basin pipeline capacity improved U.S. natural-gas flows, while Gulf Coast LNG-facility maintenance reduced exports and contributed to lower Henry Hub prices in the second quarter.

Key facts

• International downstream refined product sales were down 186,000 barrels per day, or 13 percent, compared to the year-ago period due to supply disruption from the Middle East conflict and lower demand for gasoline and diesel fuel. source
• U.S. downstream refined product sales were down 61,000 barrels per day, or 4 percent, compared to the year-ago period. source