The European natural gas market has undergone a structural change after Russia halted gas shipments via Ukraine. According to a report by the Oxford Institute for Energy Studies (OIES), this has led to a lasting price divergence, with cheap prices in the west and expensive prices in the east.
Prices, which for years had followed closely, diverged depending on proximity to liquefied natural gas (LNG) terminals. The fact that LNG enters the system mainly through Northwest European ports and the cost of transporting gas eastward were cited as the main reasons for this structure. This trend continued into the first half of 2026.
Cheap in the West, expensive in the East
Gas prices were at their lowest levels at France’s TRF, Belgium’s ZTP, the Netherlands’ TTF and the UK’s NBP trading hubs. While Germany’s THE hub remained slightly above this group, prices at hubs in Czechia, Austria and Slovakia were significantly higher.
Market volume continued to grow
Despite the loss of Russian gas, the European gas market continued to grow in terms of trading volume. According to the report, total traded natural gas volume in 2025 rose by 16 percent compared to the previous year, while physical demand increased by 8 percent. Total trading volume exceeded 100,000 terawatt-hours for the first time. The OIES assessment stated, “Europe’s traded natural gas markets have proven their resilience in the face of challenging conditions.”
TTF’s leadership solidified
The Netherlands-based TTF remained by far Europe’s largest gas trading hub. Last year, with trading volume up 14 percent, TTF reached 4.5 times the combined total of the other eight major European hubs, 9 times the UK’s NBP, 20 times Germany’s THE, and more than 52 times Italy’s PSV. TTF accounted for 81 percent of all European natural gas trades.
ZTP surged, Central Europe declined
Trading volume at Belgium’s ZTP hub rose by over 165 percent in 2025. According to the report, this surge was driven by Belgium’s increased LNG imports, gas from the UK and France being routed eastward, and the country becoming a key entry point.
In contrast, volumes fell at some hubs in Central Europe that are more dependent on Russian gas. Slovakia’s SVOB declined by 77 percent, while Czechia’s VOB fell by around 18 percent. The main reason for the decline was the shift in trade routes in the region following the halt of Russian gas flows.
