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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
