The result is a physical market in disarray as geopolitical turmoil upends supply chains and keeps markets volatile. 

Commodity markets have been in turmoil since the Feb. 24 invasion. European natural gas jumped as much as 60% on Wednesday -- as buyers, traders and shippers avoid Russian gas. 

Three sources told Bloomberg that gas and power traders are avoiding new deals with Russia's Gazprom PJSC. They said European companies are expected to unwind contracts, or clearinghouses will halt trading with Russia's state-owned energy company and liquidate their positions. 

But for now, Gazprom's gas supplies are flowing into Europe and increasing. Shipments at top entry points, such as Velke Kapusany in Slovakia and Yamal-Europe pipeline overnight in Germany, have recorded gas levels rebounded, with more capacity booked.