Natural-gas futures climbed by more than 6% on Monday, buoyed by the planned shutdown of a key European pipeline, while oil prices finished with a loss, pressured by worries about a slowdown in energy demand tied to global inflation and lockdowns in China. Russia has shut down the Nord Stream 1 pipeline for scheduled maintenance work until July 21, “raising concern that gas deliveries through the vital European pipeline may not be turned back on again,” strategists at UBS wrote in a note Monday. August natural gas rose 39, or 6.5%, to settle at $6.426 per million British thermal units on the New York Mercantile Exchange. August West Texas Intermediate crude lost 70 cents, or 0.7%, to finish at $104.09 a barrel.
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