Oil remains at $70.00, and natural gas drops to $2.34

<div><img width="1200" height="900" src="https://www.financebrokerage.com/wp-content/uploads/2023/01/Fuel-oil.jpg" class="attachment-post-thumbnail size-post-thumbnail wp-post-image" alt="Fuel oil" decoding="async" loading="lazy" /></div><h1><b>Oil remains at $70.00, and natural gas drops to $2.34</b></h1>
<ul>
<li aria-level="1">The price of oil retreated to the $68.77 level yesterday.</li>
<li aria-level="1">The price of natural gas dropped to $2.34 yesterday, forming a six-month low.</li>
</ul>
<h2><b>Oil chart analysis</b></h2>
<p>The price of oil retreated to the $68.77 level yesterday. Yesterday was spent consolidating in the $69.00-$70.50 range. Today, we see a breakout of the upper level and a price jump to the $71.00 level. We now need to hold above $70.50 to continue the recovery. Potential higher targets are $72.00 and $73.00 levels.</p>
<p>We would have additional pressure on the oil price in the EMA50 <a href="https://www.financebrokerage.com/moving-average-envelopes-how-to-use/">moving average</a> and the zone around the $73.00 level. For a bearish option, we need a negative consolidation and a pullback of the price below the $69.00 level again. Thus, we would return to the support zone again, and we could see a breakout below and the formation of a new low. Potential lower targets are $68.00 and $67.00 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-246059 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/Mz9obcUF-1024×620.jpg" alt="Oil Chart Analysis" width="1024" height="620" /></p>
<h2><b>Natural gas chart analysis</b></h2>
<p>The price of natural gas dropped to $2.34 yesterday, forming a six-month low. We managed to get support at that level and initiate a recovery to the $2.46 level. We remain below it for now and are moving into consolidation in the $2.40-$2.46 range. We need a break above in order to get rid of the bearish pressure and start a continuation to the bullish side.</p>
<p>Potential higher targets are $2.48 and $2.50 levels. Additional price resistance could be found in the EMA50 moving average in the zone around the $2.52 level. We need a negative consolidation and a price drop below the $2.40 level for a bearish option. After that, we would be under pressure to retest the previous low. Potential lower targets are $2.34 and $2.32 levels.</p>
<p><img decoding="async" loading="lazy" class="aligncenter wp-image-246060 size-large" src="https://www.financebrokerage.com/wp-content/uploads/2023/12/uLEyQMKf-1024×620.jpg" alt="Natural gas chart analysis" width="1024" height="620" /></p>
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