European gas hubs prove resilient despite shifting gas flows

Line chart of traded volumes (TWh) at selected hubs 2011–2025; TTF/10 rises steeply to ~2100–2700 while other hubs show moderate growth.

European gas hubs have demonstrated remarkable resilience despite the structural upheaval caused by the end of Russian gas transit through Ukraine. Trading activity continued to grow, liquidity remained strong and Europe’s liberalised gas market adapted quickly to changing supply routes, reinforcing the role of TTF as the continent’s dominant pricing benchmark. Total traded volumes increased by 16% in 2025, compared with […]

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