A spike in Covid-19 cases and renewed lockdowns in Europe are pressuring global commodity prices as the week gets underway.

European natural gas prices declined last week, halting the recent gains of the continent’s key benchmarks. Warmer weather combined with new lockdowns announced in France, Germany and the UK have pushed down prices. The prompt Dutch Title Transfer Facility and National Balancing Point contracts gave up more than 60 cents week/week on Friday and slid further on Monday.

Brent crude pieces also sold off sharply last week, down 12% to finish below $38.00/bbl on Friday for the first time since May. The prompt month gained on Monday to finish at $38.97.

The Asian market, however, continues to be the bright spot for LNG as buying has remained steady and...