A NULL in a common column makes that row-pair check fail.
NULL not equal
Read NULL candidates
The candidate grid has 8 pairs with at least one NULL common value.
NULL pairs=8
NATURAL JOIN examples are tiny finite-table transforms; SQL dialect completeness, type coercion, optimizer behavior, execution cost, indexing, output ordering guarantees, and database-product claims are out of scope.
Even NULL with NULL fails
NULL does not become an equality match in this finite SQL-style model.
NULL pair drops
Summary
NULL rows are visible in candidates before they disappear from output.