AMERICAS OIL: Panhandle Eastern Daily Gas Prices Up on Day

• RES 4: 165.43 High Nov 8 
• RES 3: 164.90 High Dec 30 and a key short-term resistance  
• RES 2: 164.55 High Jan 7
• RES 1: 162.31/89 High Jan 20 / High Jan 15 
• PRICE: 161.76 @ 16:21 GMT Jan 21 
• SUP 1: 159.73 Low Jan 17     
• SUP 2: 159.51 61.8% retracement of the Dec 3 - 30 bull cycle   
• SUP 3: 158.67 Low Dec 11
• SUP 4: 158.24 76.4% retracement of the Dec 3 - 30 bull cycle

A short-term bear cycle in EURJPY remains intact. Last week’s move down marked an extension of the current downtrend. The cross has pierced support at 160.04, the Jan 13 low. A clear break of this level would strengthen a bearish threat. The next price point to watch is 159.51, a Fibonacci retracement. The cross has recovered from its recent lows, a move above 162.89, the Jan 15 high, would reinstate the recent bullish theme.            

• Crude futures have lost ground today as the market assesses the potential impact of the new US administration, with Trump promising to boost US production further.
• WTI Feb 25 is down by 2.3% at $76.1/bbl.
• US President Trump declared a “national energy emergency” to be able to increase domestic oil and gas production and reverse Biden’s climate change policies.
• Trump also said that he planned to impose previously threatened tariffs of as much as 25% on Mexico and Canada by Feb 1.
• Platts expects a tentative bullish effect on oil prices from these tariffs, due to increased freight costs amid expected oil trade reshuffling.
• The trend structure in WTI futures remains bullish despite the latest pullback, which has allowed an overbought trend reading to unwind. Attention is on $79.48, the Apr 12 ‘24 high. Support to watch is the 20-day EMA, at $74.75.
• Meanwhile, Henry Hub has fallen as freezing weather over the long weekend failed to significantly curb gas output, while forecasts expect temperatures to rise, and thus cut heating demand, next week.
• US Natgas Feb 25 is down by 4.7% at $3.76/mmbtu.
• Spot gold has risen by a further 1.3% to $2,743/oz today, its highest level since Nov 6, driven by the possibility of tariffs on US gold imports.
• The yellow metal has pierced key short-term resistance at $2,726.2, the Dec 12 high, exposing $2,790.1, the Oct 31 all-time high.

Pres Trump will have his first Oval Office interview since returning to the White House on Wednesday at 9pm ET, with Fox's Sean Hannity - per Axios.

• "Trump is expected to discuss his second presidential term, recent executive orders and what to expect from the first 100 days, Fox exclusively confirmed to Axios."