Trump Meets Energy Execs, Outlines Venezuela Plan | Balance of Power: Late Edition 01/09/2026

Watch on YouTube ↗  |  January 10, 2026 at 00:50  |  51:20  |  Bloomberg Markets
Speakers
Mike McGlone — Senior Commodity Strategist, Bloomberg Intelligence
Chris Wright — US Energy Secretary
Norah Mulinda — Market Reporter, Bloomberg
Multiple (Kate Sullivan — Head of Content, Blockworks
Rebecca Bill Chavez — President & CEO, Inter-American Dialogue
Rick Davis — Republican Strategist, Partner at Stonecourt Capital

Summary

The episode covers President Trump's meeting with top oil executives at the White House to outline plans for Venezuela's oil industry, including a proposed $100 billion investment. U.S. Energy Secretary Chris Wright expresses optimism about Chevron's growth prospects in Venezuela and the broader investment opportunity. Commodity strategist Mike McGlone discusses bearish oil and natural gas outlooks while favoring gold and warning of stock market volatility. Other segments cover Iran protests, the December jobs report, and geopolitical implications of U.S. actions in the Western Hemisphere.

  • President Trump met with oil executives to discuss Venezuela's energy sector and a potential $100 billion investment.
  • Energy Secretary Chris Wright said Chevron could grow Venezuelan production by 50% in 18-24 months and sees massive investment coming.
  • Mike McGlone expects crude oil and natural gas prices to fall further, while gold stays on an upward trajectory.
  • McGlone also warned of volatility in the U.S. stock market given the highest market-to-GDP ratio in 100 years.
  • Norah Mulinda highlighted Meta's nuclear power deals for AI data centers and the growing focus on nuclear energy.
  • Iran protests, driven by a currency collapse, and U.S. geopolitical pressure in the Western Hemisphere were discussed.
  • December jobs report came in below expectations, keeping the Fed on a gradual rate-cutting path.
Ideas
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 8:08
Crude oil prices heading lower.
Trump wants lower energy prices and the cycles are in his favor; the U.S. has a surplus of crude oil and liquid fuels around 4 million barrels per day and increasing, supply is picking up, Venezuela's potential 1 million barrels per day increase is only 1% of global supply, and prices are going down toward $40-60 with nothing stopping it.
WTI HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 8:44
Natural gas prices falling to $2.
Natural gas is down 15% and is the number one measure of heat, electricity, and fertilizer in the U.S.; he expects it to reach around $2 within a month or two.
UNG MED
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 10:12
Gold rises on geopolitical risk.
Geopolitics is keeping gold on its upper trajectory; gold is sniffing out the risk from the U.S. stock market versus GDP being the highest in 100 years, and it is already at $4500 an ounce and rising.
GLD HIGH
Mike McGlone Senior Commodity Strategist, Bloomberg Intelligence 11:47
U.S. stocks face volatility and selloff.
The U.S. stock market versus GDP is the highest in 100 years, gold is sniffing out that risk, volatility is picking up, and markets will have an issue, which will pressure crude oil more.
SPY MED
Norah Mulinda Market Reporter, Bloomberg 14:47
Nuclear energy in focus for AI.
Meta's nuclear power deals for AI data centers highlight the growing energy demand to fuel AI, and nuclear more broadly will be on traders' minds in 2026.
URA LOW
Chris Wright US Energy Secretary 23:41
Venezuela oil investment boom coming.
There is tremendous interest in Venezuela's resources, several companies are already on the ground and will ramp up investments immediately, $100 billion of investment over 10 years is achievable, and massive increases in investment are coming to Venezuela's oil and gas industry.
Venezuelan oil sector MED
Chris Wright US Energy Secretary 24:35
Chevron can grow Venezuela output 50%.
Chevron is already on the ground in Venezuela as the largest oil producer, and with U.S. licensing can grow its production by 50% in the next 18 to 24 months; business conditions are about to get better and companies will ramp up investments.
CVX HIGH
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This Bloomberg Markets video, published January 10, 2026, features Mike McGlone, Norah Mulinda, Chris Wright discussing WTI, UNG, GLD, SPY, URA, Venezuelan oil sector, CVX. 7 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Mike McGlone, Norah Mulinda, Chris Wright  · Tickers: WTI, UNG, GLD, SPY, URA, Venezuelan oil sector, CVX