Why the Smart Money May Be Abandoning the Bull Case for Chevron Stock

The article suggests that “smart money” investors are becoming skeptical of the bull case for Chevron (CVX) stock, despite geopolitical tensions in the Middle East that could theoretically benefit oil giants. This skepticism is attributed to factors like the declining crack spread, market sentiment regarding a resolution to the Iran conflict, and options market data indicating a preference for downside risk mitigation over upside convexity in CVX. The author advises caution for investors looking for aggressive long exposure in Chevron.