Insight
2025 Europe Gas Year in Review
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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.
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