Yeah, and what is Putin going to do with all that oil and gas? Sell it to someone else, freeing up supplies elsewhere? Stop producing, throwing a big chunk of his population out of work and stopping cash flow to his oligarch buddies? The best he can do is cause a price spike just as the winter heating season is winding down. Putin's problem is that he essentially has a colonial economy based on extracting natural resources and selling them abroad. He needs foreign markets as much, if not more, than they need him.
I wouldn’t be dismissive of Russia’s energy advantage or underestimate Putin’s resolve to effectively re-constitute the old Soviet Union. Its a very complex geopolitical situation for sure, with a lot of moving parts, but EU is dependent on Russia for a lot of its energy. Putin could inflict a lot of pain on the continent and many of the EU countries are already in an economically weakened state.