Indian Gas Exchange Market Update, July 2024

• Trades 4.1 Million MMBTU (~103 MMSCM) Gas volume in July’24 Growth of 50% YoY 
• Gixi – Avg. Price for Gas Deliveries During July’24 was Rs.1,114 /$13.2/MMBTU; increase of 4% MoM
• Total 96 Trades executed during the month
• First Trade executed in SSLNG segment at Dahej delivery point
• Gujarat STate Electricity Corporation Limited (GSECL) joins as a new proprietary member

Bengaluru, 6th August 2024: The Indian Gas Exchange (IGX) traded 4.1 million MMBtu (~103 MMSCM) gas volume in July’24, higher by 50% on YoY basis.  A total of 96 trades were executed in July’24. During the month, 28 trades (maximum number) were executed in Monthly contracts, followed by 26 trades in Daily contracts, 19 trades in Weekly contracts, 16 trades in Day-Ahead contracts & 7 trades in Fortnightly contracts respectively.

The most active delivery point for free market gas was Mhaskal & Gadimoga for Ceiling Price gas, other trading delivery points were- Dahej, KG Basin, Hazira, Suvali & Bhadbhut. During the month, the Exchange traded gas deliveries were 3.5 million MMBtu (~2.9 MMSCMD).

GIXI (Gas Index of India) for July 2024 was Rs 1,114/$13.2 per MMBtu, higher by 4% last month. GIXI- South was Rs. 936/$11.2 per MMBtu and GIXI-West Rs 1,119/$13.3 per MMBtu.  Different spot international gas benchmark prices recorded were: HH at ~$2.2/MMBtu (down by 20% MoM), TTF at ~$10.3 /MMBtu (down by 5% MoM), whereas LNG benchmark indices were: WIM ~13 $/MMBtu (up by 8% MoM).

Total Domestic ceiling price category gas traded during the month was 0.6 million MMBtu at ceiling price (₹825/MMBtu) at KG Basin & Gadimoga delivery points.

In the month first trade in ssLNG contract was executed in Daily contract at Dahej delivery point & Gujarat State Electricity Corporation Limited (GSECL) joined as a new proprietary member. Additionally, IGX received approval from PNGRB to add Jaya, Jharia, Kochi & Chhara as new delivery points.

IGX currently offers delivery-based trade in six different contracts such as Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, under which the trade can be executed for six consecutive months. 

The gas trade takes place at multiple delivery points, such as – Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga, Suvali. It covers six regional gas hubs, namely, Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub across India.