Oil and natural gas: Oil under pressure below $72.50

<div><img width="1153" height="768" src="https://www.financebrokerage.com/wp-content/uploads/2023/05/shutterstock_1664994739.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Natural Gas News: Comparative Analysis and Outlook" decoding="async" loading="lazy" /></div><h1><b>Oil and natural gas: Oil under pressure below $72.50</b></h1>
<ul>
<li aria-level="1">The oil price managed to break above the $75.00 level on Friday, forming this month’s high at the $75.21 level.</li>
<li aria-level="1">The price of natural gas fell last night at the stock market opening from $3.00 to $2.80.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The oil price managed to break above the $75.00 level on Friday, forming this month’s high at the $75.21 level. The growth was stopped at that level, and the price quickly began to retreat until the $72.50 level. During the Asian trading session, the oil price failed to initiate a recovery, moving in the $72.00-$72.75 range. Additional pressure in this zone creates the EMA50 moving average, which could negatively affect oil and send it to lower levels.</p>
<p>Potential lower targets are $71.50 and $71.00 levels. We need a positive consolidation and a return above the $73.00 level for a bullish option. We would then need to hold in that zone before continuing further to the <a href="https://www.financebrokerage.com/bitcoin-ethereum-dogecoin-are-still-on-the-bullish-side/">bullish side</a>. Potential higher targets are $73.50 and $74.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-253171 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/8IYtF3fX1-1024×598.jpg" alt="Oil Chart Analysis" width="1024" height="598" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas fell last night at the stock market opening from $3.00 to $2.80. After that, during the Asian session, we saw movement in the $2.85-$2.90 range. The price is recovering slightly with the support of the EMA50 moving average, and for now, we are holding above it, expecting to see a continuation to the bullish side. That could bring the price back up to $3.00, where we would try to hold on and erase this morning’s swing. Potential higher targets are $3.10 and $3.20 levels.</p>
<p>We need a negative consolidation and pullback below the EMA50 moving average for a bearish option. Thus, the price of natural gas would be under great pressure to continue its further decline, looking for support at previous lower levels. Potential lower targets are $2.70 and $2.60 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-253172 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2024/01/Alz9m13S1-1024×598.jpg" alt="Natural gas chart analysis" width="1024" height="598" /></p>
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