The report published by the Oxford Institute for Energy Studies (OIES) showed that Russia's halt of natural gas shipments via Ukraine led to a lasting price divergence in European markets.
According to the report, proximity to liquefied natural gas (LNG) terminals played a key role in determining prices. Because LNG enters the system predominantly via Northwest European ports and due to the costs of moving it eastward, prices were lowest at trading hubs in France (TRF), Belgium (ZTP), the Netherlands (TTF) and the United Kingdom (NBP). Germany's THE hub was slightly above this group, while hubs in the Czech Republic, Austria and Slovakia saw markedly higher prices. This trend continued into the first half of 2026.
Market volume continued to grow
Despite the loss of Russian gas, the European gas market continued to expand in terms of traded volume. In 2025, total traded natural gas volume rose 16 percent from the previous year, while physical demand increased 8 percent. Total traded volume exceeded 100,000 terawatt-hours for the first time. In its assessment, OIES stated, "Europe's traded natural gas markets proved their resilience in the face of challenging conditions."
TTF's dominance grew
The Netherlands-based TTF remained by far Europe's largest gas trading hub. Last year its volume rose 14 percent, reaching 4.5 times the combined total of the other eight major European hubs, nine times the UK's NBP, 20 times Germany's THE, and more than 52 times Italy's PSV. Eighty-one percent of all European natural gas trades were carried out via TTF. As LNG trade expanded, market participants from North America and Asia turned to TTF, and trading based on the TTF-Henry Hub price spread also became widespread.
Large differences among hubs
Trading volume at Belgium's ZTP hub surged more than 165 percent in 2025. Behind this rise, according to the report, were Belgium's increased LNG imports, the eastward movement of gas from the UK and France, and the country's transformation into a major entry point. By contrast, volumes fell at some Central European hubs more dependent on Russian gas. Slovakia's SVOB dropped 77 percent, while the Czech Republic's VOB declined about 18 percent. The main reason for the decline was cited as the change in regional trade routes following the disruption of Russian gas flows.
