The EU gas market faces a turbulent year in 2025. With the cessation of Russian gas transit through Ukraine from 1 January and a significant depletion of storage reserves during the winter season, concerns over rising prices in the next few months are mounting. Meanwhile, prices have temporarily been falling, partly due to reports that the new US administration is striving for a swift end to the war in Ukraine. As fundamental shifts in US foreign policy become evident and efforts to normalise relations with Russia gain traction, media speculation is growing over the potential increase in Russian gas supplies to the EU. This includes alleged interest on the part of the US in launching the sole remaining pipeline of Nord Stream 2. Additionally, Slovakia’s lobbying efforts have resulted in growing support within the EU for identifying a way to resume gas transit through Ukraine.