Crude oil is not the only fuel trading at record prices Monday after policymakers on both sides of the Atlantic Ocean have signaled a possible halt on buying Russian fossil energy. Natural gas, too, has surged to a staggering level in Amsterdam trading.

The price of natural gas in Europe is up 32 percent to EUR 270 per MWh late Monday morning after fluctuating widely during the early hours of the day, peaking shortly before 09:30 at EUR 335 per MWh.

Combined, the price of gas in Europe has tripled since Russia's invasion of Ukraine Thursday last week.

Chief Strategist Andreas Østerheden at Nordea points out the difficulty of replacing gas deliveries ex-Russia.

"The EU imports 40 percent of its gas from Russia. If Russia's gas export is hit, it will be very hard for for Europe to replace the supply deficit on the short term. The gas market is already very tight, and it won't take much supply-side disruption to result in acute shortage," he writes in a statement.

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