The Gas IndeX of India (GIXI) for January 2025 stood at ₹1,213/$14.1 per MMBtu, maintaining a flat momentum on a month-on-month (MoM) basis but marking a 21% increase year-on-year (YoY). Regional GIXI rates varied, with GIXI-West at ₹1,223/$14.2 per MMBtu, GIXI-South at ₹1,130/$13.1 per MMBtu, and GIXI-East at ₹1,091/$12.6 per MMBtu.
International gas prices saw an upward trend, with the US Henry Hub (HH) benchmark rising by 12% MoM to $3.8/MMBtu and the European TTF price climbing 5% MoM to $14.47/MMBtu. The East-Asian LNG benchmark WIM remained stable at $15.2/MMBtu ex-Dahej, as demand in the region showed little movement. The rise in US and European gas prices was driven by supply concerns amid winter and lower storage levels.
January 2025 witnessed a significant surge in trading activity on the Indian Gas Exchange (IGX), with a total trade volume of 7.2 million MMBtu (182 MMSCM), reflecting a 26% MoM and a remarkable 398% YoY increase. The growth was primarily fuelled by higher sales from domestic gas producers.
A total of 177 trades were executed, with the month marking the first-ever intraday trade on the platform. The most active delivery points for free market gas were Mhaskal and Gadimoga, driven by higher sales from domestic gas producers. Other key delivery points included Dahej, KG Basin, Bokaro, Jaya, Mallavaram, Hazira, Ankot, and Bhadbhut. Notably, 23% of free market gas volume was traded at Dahej, with GIXI-Dahej settling at ₹1,230/$14.3 per MMBtu, almost flat MoM, but at an $1.6/MMBtu discount (11%) compared to the WIM-Ex Dahej settled price.
In January, 33% of the total trade volume was free market gas, while 67% consisted of domestic high pressure high-temperature (HPHT) gas at ceiling price (₹877/$10.16 per MMBtu). Additionally, 0.34 million MMBtu was traded under pricing freedom at Bokaro (CBM), Jaya, and ONGC Hazira delivery points.
During the month, exchange-traded deliveries reached 7.5 million MMBtu (~6.1 MMSCMD), the highest monthly delivery volume of the year. IGX currently offers trading at 16 delivery points, including five LNG
terminals, three pipeline interconnection points, and eight domestic gas field landfall points.
The exchange provides delivery-based trading in seven different contract types: Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, along with three-month and six-month contracts. The maximum number of trades in January occurred in the Monthly contract segment (64 trades), followed by Weekly (39), Daily (29), Day-Ahead (24), Fortnightly (20), and one trade in the newly introduced Intraday contract.
With record-breaking trade volumes, increased participation from domestic gas producers, and the execution of the first-ever intraday trade, IGX continues to strengthen its position as a vital marketplace for India’s natural gas sector. As global gas markets remain dynamic, IGX is expected to play a crucial role in shaping price discovery and supply security in the coming months.
