Oil prices logged modest losses - WTI lost -US$0.32c or -0.3% to US$108.11/barrel. Brent eased -US$0.35c or -0.3% to US$111.28/barrel. In broader energy market moves, natural gas prices in Europe surged on Monday (4 July) to their most expensive since the early stages of Russia’s invasion of Ukraine as proposed strikes in Norway increased fears about inadequate supply. August natural gas futures on the Dutch-based TTF trading hub at one point rose more than >10% to change hands above >€160 a megawatt-hour. A year ago the product traded for €22.4. The ICE U.K. Natural Gas contract jumped +20% to 289.29 pence per British thermal unit , compared to 93.12p per British thermal unit months ago. There were reports that industrial action by workers would see six Norwegian natural gas fields shut down over the next few days, potentially cutting the major exporter’s supply by 13%. Elsewhere, the head of Germany’s regulatory agency for energy, Federal Network Agency President Klaus Mueller, called on residents Saturday (2 July) to save energy and to prepare for winter, when use increases. Mr Mueller said families should start talking now about “whether every room needs to be set at its usual temperature in the winter - or whether some rooms can be a little colder.” Separately, German Economy Minister Robert Habeck said the country should be prepared to cut further Russian gas supplies as President Vladimir Putin adopts a conscious strategy of raising prices to undermine European unity, and warned utilities are at risk of cascading failures, which may require activating a legal clause that would allow them to pass on price increases outside of contract commitments. Mr Halbeck said Germany refrained from activating the measure for now because it would lead to an “immediate price explosion” for consumers. The government is working on an alternative, he said, without elaborating.