Gas trading in 2025 was shaped by abrupt disruptions, shifting trade flows, and key milestones in North American and European supply. While many of the market shocks were short-lived, they carried longer-term implications for flexibility, system resilience, and the global LNG balance. These five developments were the most consequential.
LNG Canada entered the final stage of commissioning in early 2025. Initial heat signatures from Train 1 were detected on 28 January, marking the first observable step toward liquefaction operations. The arrival of the cool-down cargo aboard the Maran Gas Roxana on 2 April represented a critical milestone, confirming the project’s transition from testing to pre-production readiness.
As Canada prepares to add new West Coast export capacity, traders refocused on Pacific Basin balances, JKM–TTF spreads, and evolving competition for Asian demand. The project’s start-up trajectory remains one of the most closely monitored supply developments heading into 2026.