Created on January 05, 2026

The WTI crude oil price is showing signs of bottoming after hitting a key support level at $55.40. It has plunged by over 25% from its highest level in 2025 and is hovering near its lowest level in years.

WTI Crude Oil to React Mildly to Venezuela Crisis

Crude oil prices will be in the spotlight on Monday as the market comes to terms with the recent developments in Venezuela, where Donald Trump staged a major attack and arrested the country’s president.

In his press conference, Trump insisted that the United States will now be in charge of the country, with its large energy companies investing billions of dollars.

In theory, the fall of the Maduro regime should be bearish for oil prices. For one, with the US in control, it means that sanctions will be lifted and that production will be boosted.

However, in reality, Venezuela is still a small player in the oil market, producing less than 1 million barrels of oil a day. Also, American investments will take years to materialize. And worse, regime changes often lead to destabilization of countries and supply.

The other main catalyst for the WTI crude oil price will be the OPEC+ meeting in which officials are expected to stick with their plans to pause supply increases in the first quarter. The cartel increased supply rapidly last year, leading to concerns about oversupply in the market.

Meanwhile, the US will publish the first inventory report on Wednesday. The report by the EIA is expected to show that inventories dropped by over 1 million in the last week of the month.

Crude Oil Technical Analysis

The weekly chart shows that the WTI crude oil price has been in a strong downward trend in the past few months. It bottomed at $54.40, its lowest level in April and December last year.

Oil has formed a double-bottom pattern, which is made up of two lower swings and a a neckline, which is at $77.32.

However, technical indicators suggest that oil may continue falling in the near term. For one, the price remains below the 50-week and 100-week Exponential Moving Averages (EMA). The MACD and the Relative Strength Index (RSI) have continued falling in the past few weeks.

Therefore, the most likely oil forecast is neutral with a bullish bias. The bullish outlook will remain as long as it is above the double-bottom pattern point at $55.39. A drop below that level will point to more downside, potentially to $50.

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The EURJPY pair activated negatively with stochastic decline towards the oversold to test the bullish channel’s support at 183.45, attempting to settle above it to keep the bullish trend and begin targeting some bullish stations by its rally towards 184.40, and surpassing it will open the way for reaching the next positive target at 184.90.

While facing new negative pressure by reaching below the current support will confirm its surrender to the bearish corrective trend, which forces it to suffer extra losses by reaching 183.10 and 184.90.

The expected trading range for today is between 183.50 and 184.40

Trend forecast: Bullish

Copper price kept the positive stability above $5.5100 support in the last trading, to rally towards the initial target at $5.8100, taking advantage of stochastic stability within the overbought level.

The continuation of the pressure on $5.8100 level might allow it find an exit for resuming the bullish attack, to expect breaching $5.9700 to extend the trading towards the bullish channel’s resistance at $6.1700 level.

The expected trading range for today is between $5.6100 and $5.9700

Trend forecast: Bullish

Platinum price ended the bearish corrective attack by targeting $1905.00 level, forming key liquidity sweep zones, enabling it to renew the bullish rally to reach $2255.00 level, announcing the continuation of the main bullish scenario.

To confirm gathering extra bullish momentum to ease the mission of holding above $2235.00 level is important to reinforce the chances of recording new gains by its rally towards $2325.00 reaching the next barrier near $2415.00.

The expected trading range for today is between $2095.00 and $2290.00

Trend forecast: Bullish

No news for GBPJPY pair until this moment due to its stability below 211.30 barrier, which forces it to provide new sideways fluctuated moves and delay the bullish rally in the current trading.

There are a chance for forming bearish corrective waves to target 210.40 level, reaching extra support near 209.70, while breaching the current barrier and holding above it, will provide a chance for a new bullish waves, to record extra gains by its rally towards 212.50 reaching the bullish channel’s resistance at 213.55.

The expected trading range for today is between 209.30 and 211.30

Trend forecast: Fluctuated within the bullish trend

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NEW YORK, Jan 4, 2026, 12:41 ET — Market closed

EQT Corp shares finished the first trading day of 2026 lower after U.S. natural gas futures slipped on forecasts for milder weather across the country. The largest U.S. gas producer closed down 0.3% at $53.46 on Friday. Baird Maritime / Work Boat World

The move matters because January is the heart of the U.S. heating season, when small shifts in temperature forecasts can swing demand and, by extension, gas prices and producer margins. Traders are also weighing record supply against the export pull from LNG terminals. Baird Maritime / Work Boat World

Gas prices set the revenue baseline for Appalachia-focused producers like EQT, which sell much of their output against the Henry Hub benchmark in Louisiana. That makes weather, storage and export flows immediate drivers for gas-linked equities heading into Monday’s reopen. Baird Maritime / Work Boat World

Front-month natural gas futures for February delivery fell 9.6 cents, or 2.6%, to $3.59 per million British thermal units (mmBtu) on Friday, Reuters reported. An mmBtu is a standard unit used to price gas. Baird Maritime / Work Boat World

Meteorologists see warmer-than-normal temperatures nationwide through Jan. 16, Reuters reported, pushing down “heating degree days,” a measure of how much energy is needed to heat buildings. Heating degree days fell from 413 earlier in the week to 369 by Friday, according to the report. Baird Maritime / Work Boat World

On the supply side, financial firm LSEG estimated average Lower 48 output rose to 110 billion cubic feet per day (bcfd) in December, topping a November record, Reuters said. LSEG also put December feedgas flows to the eight largest U.S. LNG export plants at a record 18.5 bcfd. (A bcfd is a daily volume measure.) Baird Maritime / Work Boat World

Gas-heavy peers moved unevenly with the commodity. Antero Resources fell 0.7% and Range Resources was little changed on Friday, while LNG exporter Cheniere Energy rose 1.8%.

Phil Flynn, senior analyst at Price Futures Group, pointed to shifting weather signals and a softer international backdrop for LNG. “There’s also some concern internationally… talk of a potential glut,” Flynn said. Baird Maritime / Work Boat World

But the downside case for producers is straightforward: if the warm pattern holds, futures can keep sliding as storage draws shrink. Ritterbusch Associates said February futures risk slipping back toward pre-Christmas lows around $3.47, while a colder-than-expected turn would tighten balances quickly and reverse the trade. Baird Maritime / Work Boat World

Investors’ next hard read is U.S. storage data: the Energy Information Administration’s weekly natural gas storage report is scheduled for Jan. 8, and the agency’s Henry Hub spot price series is next slated for an update on Jan. 7. Weather model runs into mid-January will remain the swing factor between those releases. U.S. Energy Information Administration

Important DisclaimersFXEmpire is owned and operated by Empire Media Network LTD., Company Registration Number 514641786, registered at 7 Jabotinsky Road, Ramat Gan 5252007, Israel. The content provided on this website includes general news and publications, our personal analysis and opinions, and materials provided by third parties. This content is intended for educational and research purposes only. It does not constitute, and should not be interpreted as, a recommendation or advice to take any action, including making any investment or purchasing any product. Before making any financial decision, you should conduct your own due diligence, exercise your own discretion, and consult with competent advisors. The content on this website is not personally directed to you, and we do not take into account your individual financial situation or needs. The information contained on this website is not necessarily provided in real time, nor is it guaranteed to be accurate. Prices displayed may be provided by market makers and not by exchanges. Any trading or other financial decision you make is entirely your own responsibility, and you must not rely solely on any information provided through the website. FXEmpire does not provide any warranty regarding the accuracy, completeness, or reliability of any information contained on the website and shall bear no responsibility for any trading losses you may incur as a result of using such information. The website may include advertisements and other promotional content. FXEmpire may receive compensation from third parties in connection with such content. FXEmpire does not endorse, recommend, or assume responsibility for the use of any third-party services or websites. Empire Media Network LTD., its employees, officers, subsidiaries, and affiliates shall not be liable for any loss or damage resulting from your use of the website or reliance on the information provided herein.Risk DisclaimersThis website contains information about cryptocurrencies, contracts for difference (CFDs), and other financial instruments, as well as about brokers, exchanges, and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and involve a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money. FX Empire encourages you to conduct your own research before making any investment decision and to avoid investing in any financial instrument unless you fully understand how it works and the risks involved.