Insight
2025 Europe Gas Year in Review
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
The end of Russian pipeline transit through Ukraine and a global LNG supply surge drove price volatility throughout 2025. TTF spiked in Q1 as inventories fell to 34%, before declining nearly 40% by year-end as Europe attracted surplus LNG volumes amid weak Asian demand. Several events framed market volatility throughout the year: a late-winter cold snap and storage refill concerns drove prices to highs of US$17.10/mmBtu, while US tariff announcements, Iberia's blackout, and Middle East tensions also created periods of fluctuation. By autumn, prices drifted to multi-year lows as storage stabilized around 82% and demand remained muted across Europe and Asia. Norway maintained its role as Europe's primary pipeline supplier, while North African and Southern Corridor flows remained stable.
Table of contents
- No table of contents specified
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Europe power: 2025 in review
In this review of Europe's power volumes and prices in 2025, we explore key influences, events and market dynamics over the past 12 months
$5,000
Insight
Key characteristics of European power - and why they matter
This Insight is showcasing five charts that had the biggest impact when presented to EMEA clients in 2025.
$5,000
Insight
6 Factors shaping European power markets
Six key factors shaping the transformation of Europe’s power markets.
$5,000
