EU gas markets stabilise amid rising LNG imports

Published today, ACER’s latest report on key developments in European gas wholesale markets examines key trends in gas supply, demand and market prices during the final months of the gas summer season (July to September 2025). The analysis helps inform policies aimed at ensuring secure and competitively priced gas in the EU. 

What trends did ACER monitoring find? 

• Wholesale prices and volatility declined, marking one of the calmest periods for European gas markets in recent years. Higher gas imports, stable consumption and orderly storage filling contributed to this stability.
• Gas storage: Injections into underground storage exceeded levels of the previous two summers. European stocks reached 82% capacity, below levels at the start of the last three heating seasons, leaving EU markets more reliant on imports this winter.
• LNG imports: Liquefied natural gas (LNG) imports rose by 38% year-on-year amid high storage demand and lower Russian pipeline supply. Stable demand from other major buyers and rising global LNG production contributed to lower prices despite higher import volumes.
• EU gas market integration drove gas flows in the right direction to Central and Eastern Europe: As LNG’s share of supply grew, gas flows were redirected eastward to markets with limited or no direct LNG access, reflecting wholesale market signals (from lower- to higher-priced hubs).