A new gas benchmark for southern Europe
New lease of life is raising the profile of a once-moribund hub
The Italian PSV gas trading hub was once something of a backwater in terms of regional trade, but rising activity over recent years means it is fast becoming a possible regional benchmark for natural gas trade. PSV, launched in 2003, reached a record high in traded volumes in January 2019, bringing a once illiquid, non-competitive market to levels of maturity similar to those of Austria, France and Germany. "Since 2014, the PSV has grown from strength to strength not only in volumes but also in the number of participants, including non-industry financial participants, and in 2018 had its best year ever," says Patrick Heather, senior research fellow at the Oxford Institute for Energy Studies.
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
