European gas market split as Russia cuts Ukraine pipeline

Russian gas cut LNG imports price divergence TTF hub European gas market

The 2025 termination of the transit agreement that allowed Russian gas to flow to Europe via Ukraine caused a sharp re‑balancing of the continent’s gas market. According to a report by the Oxford Energy Research Institute (OIES), liquefied natural gas (LNG) imports have concentrated in Northwest Europe – France, Belgium, the Netherlands and the United Kingdom – keeping prices in those markets low. By contrast, Central and Eastern European hubs, notably Germany’s eastern market, the Czech Republic, Austria and Slovakia, have seen a sustained rise in gas prices.

The report also notes that, despite the loss of Russian pipeline gas, overall European gas trading activity continued to expand. In 2025 the volume of gas traded on the continent grew 16 % year‑on‑year and physical gas demand rose 8 %. Total traded volume exceeded 100 000 TWh for the first time. The Dutch Title Transfer Facility (TTF) hub remained dominant, handling about 81 % of all trades and increasing its own trading volume by 14 % – a level 4.5 times larger than the combined volume of the next eight major European hubs. Belgium’s ZTP hub saw a more than 165 % surge in activity as LNG flow intensified.

These developments underline the rapid adaptation of Europe’s gas market to a new supply structure and highlight the growing strategic importance of LNG and the TTF hub in shaping regional price differentials.

Entities: European Union · LNG (liquefied natural gas) · Oxford Energy Research Institute · Russia · Title Transfer Facility

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[● 7 SOURCES] Total European gas trading volume surpassed 100 000 TWh for the first time in 2025. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] Central and Eastern European markets (Germany east, Czechia, Austria, Slovakia) experienced higher gas prices. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] LNG imports concentrated in Northwest Europe (France, Belgium, Netherlands, United Kingdom) kept gas prices lower there. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] Russia stopped gas shipments to Europe via Ukraine after the transit agreement ended in early 2025. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] The Dutch TTF hub handled about 81 % of all European gas trades, grew 14 % in 2025 and its volume was 4.5 times the combined volume of the next eight biggest hubs. (Oxford Energy Research Institute (OIES) report)
[○ 1 SOURCE] Belgium’s ZTP gas hub increased its trading volume by more than 165 % due to rising LNG imports. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] European gas trade volume increased 16 % in 2025 compared with the previous year. (Oxford Energy Research Institute (OIES) report)
[● 7 SOURCES] Physical natural gas demand in Europe rose 8 % in 2025. (Oxford Energy Research Institute (OIES) report)