ICE disclosed that trading volumes for its European gas contracts reached a new high in 2025, with TTF futures and options trading a record 103 million contracts through the year. The record also includes a peak open interest of 5.9 million contracts on November 25, 2025, an 18 % year‑over‑year increase that underscores the growing demand for European gas derivatives as the continent pivots away from Russian supplies and turns to global LNG, particularly from the United States.
The exchange is preparing to extend the trading hours for its European Gas and Power futures and options to match the 22‑hour schedule of its Henry Hub and JKM markets. While the exact launch date has not yet been set, ICE will provide further updates in due course. The move is intended to capture additional volume, improve market efficiency, and give participants more flexibility to hedge price movements outside traditional hours.
ICE’s management highlighted that the record volumes and the planned hour extension are part of a broader strategy to deepen liquidity and reinforce its role as the central pricing reference for European natural gas. Gordon Bennett, Managing Director of Utility Markets, noted that the growth in open interest and trading activity across TTF and JKM reflects the market’s transition to a more diversified supply base and the increasing importance of LNG in Europe’s energy mix.
The record volumes are driven by several factors. First, the shift away from Russian gas has increased the use of alternative sources, boosting trading activity. Second, the rise in global LNG imports—especially from the U.S.—has expanded the market’s depth and attracted more participants. Third, the launch of TTF Daily Options and the planned hour extension provide new tools and greater accessibility, encouraging higher participation and tighter spreads.
ICE’s business implications are clear: higher trading volumes translate directly into increased transaction fees, while deeper liquidity enhances the exchange’s attractiveness to market participants. The extended hours position ICE to capture additional volume and improve price discovery, reinforcing its competitive advantage in a market that remains sensitive to geopolitical and supply‑chain dynamics. The move also aligns with industry trends, such as NYSE Arca’s 22‑hour trading, signaling ICE’s commitment to continuous market access.
The announcement is expected to strengthen ICE’s market position and support its long‑term growth strategy, as the exchange continues to expand its product suite and adapt to evolving energy flows across Europe and beyond.
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