Mumbai — The Indian Gas Exchange (IGX) recorded a traded gas volume of 8.8 million MMBtu (221 MMSCM) in November, marking a 181% month-on-month and 249% year-on-year increase. The rise was attributed to demand from the city gas distribution sector. This demand occurred because Henry Hub–linked contract prices exceeded prevailing spot prices on the exchange.
Approximately 75% of the traded volume consisted of free-market gas. Meanwhile, 25% was domestic HPHT gas priced at the ceiling rate of $9.72/MMBtu. Producers traded nearly 8 MMSCM of domestic gas with pricing freedom. The delivery points were in Bokaro (CBM), the KG Basin, and Hazira-ONGC.
IGX’s benchmark index, GIXI®, averaged ₹993/$11.2 per MMBtu for November, up 2% from the previous month and down 10% from a year earlier. According to the exchange’s data, prices were broadly steady month-on-month. They were lower on a yearly basis amid ample supply and stagnant demand. International price trends were also lower year-on-year, with TTF at $10.5/MMBtu, WIM-Ex Dahej at $11.93/MMBtu and U.S. Henry Hub at $4.5/MMBtu.
Regional indices showed GIXI®-West at ₹996/$11.2 per MMBtu, similar to the all-India benchmark. GIXI®-East and GIXI®-South were lower by 3% and 9%, respectively, reflecting transmission and tax differences. GIXI®-Dahej stood at ₹994/$11.2 per MMBtu, 3% below the previous month and at a $0.7/MMBtu discount to the WIM-Ex Dahej settlement.
The month saw the first trade at the KG Basin–Tatipaka delivery point and the introduction of a new Balance-of-the-Month contract. In November, IGX reported 222 trades. Dahej was the most active delivery point for free-market gas. Gadimoga was the most active for ceiling-price gas. Other active locations included Mhaskal, Dabhol, Ankot, Bokaro, Bhadbhut, Mallavaram, the KG Basin and Hazira-ONGC.
Contract activity included 65 trades in Fortnightly contracts, 53 in Daily, 51 in Monthly, 24 in Weekly, 23 in Day-Ahead and six in Intraday. Exchange-traded deliveries totaled 6.4 million MMBtu (approximately 5.4 MMSCMD) for the month.
IGX offers delivery-based trading across eight spot contracts and two long-duration contracts linked to benchmark indices.
