In June 2024, the Indian Gas Exchange (IGX) traded a total gas volume of 4.36 million MMBtu, equivalent to approximately 110 MMSCM. This marked a significant year-on-year growth of 169%, although there was a month-on-month decline of 11%. The increase in trade volumes was primarily driven by heightened gas demand from gas-based power plants amid hot weather conditions.
A total of 79 trades were executed on IGX in June 2024. Monthly contracts saw the highest number of trades at 36, followed by 24 trades in Fortnightly contracts, 17 in Weekly contracts, and 2 in Daily contracts. Over the quarter, 249 trades were executed in total. The most active delivery points for free market gas were Dahej and Gadimoga for ceiling price gas, with other trading delivery points including KG Basin, Hazira, Ankot, Suvali, and Mhaskal.
During June, IGX traded gas deliveries totaling 6.35 million MMBtu, which is approximately 5.3 MMSCMD. The Gas Index of India (GIXI) for June 2024 was ₹1,068 or $12.8 per MMBtu, reflecting a 25% increase from the previous month. The GIXI-South was ₹973 or $11.6 per MMBtu, while the GIXI-West was ₹1,068 or $12.8 per MMBtu. International spot gas benchmark prices recorded during the month included HH at approximately $2.8/MMBtu (a 17% month-on-month increase), TTF at around $11/MMBtu (a 9% month-on-month increase), and LNG benchmark indices such as WIM at approximately $12/MMBtu (an 11% month-on-month increase).
In June, the total domestic ceiling price category gas traded amounted to 0.42 million MMBtu at a ceiling price of ₹824/MMBtu, with deliveries primarily to the KG Basin and Gadimoga delivery points.
Key highlights for the first quarter of the fiscal year 2025 include a total trade volume of 11.7 million MMBtu, representing a 35% quarter-on-quarter increase and a 176% year-on-year increase. The domestic ceiling price gas trade volume for the quarter was 2.7 million MMBtu, with a total of 249 trades executed. Dahej was the most active delivery point, and monthly contracts were the most actively traded contracts.
