India Gas Exchange (IGX) marked a significant achievement in Q1FY26 by trading a record volume of 24.5 million MMBtu (619 MMSCM), reflecting a robust 109% year-on-year and 22% quarter-on-quarter growth. This strong performance was driven by heightened activity across various contract types, particularly the Monthly contract, which alone accounted for 74% of total volumes traded. The exchange also reached a new milestone with the execution of its first trade in a 6-month Long Duration Contract, underscoring growing market confidence in long-term gas trading on the platform.
However, in June 2025, IGX witnessed a seasonal slowdown in volumes due to lower demand from the power sector. The total gas volume traded during the month stood at 4 million MMBtu (101 MMSCM), which was 8% lower on a year-on-year basis. Exchange-traded deliveries were approximately 6 million MMBtu or about 5 MMSCMD during the month. Despite the decline in volume, the market remained active with 130 trades executed, distributed across multiple contract types. Daily contracts led with 46 trades, followed by Monthly (38), Day-Ahead (18), Fortnightly (16), Weekly (10), and two trades in the 6-month Long Duration category.
Gas prices also reflected the subdued demand trend. The Gas Index of India (GIXI) for June 2025 stood at ₹989 or $11.5 per MMBtu, down 7% year-on-year and 3% month-on-month. GIXI-Dahej was recorded at ₹981 or $11.4 per MMBtu, 2% lower month-on-month, and was priced at a notable $1.5/MMBtu discount compared to the WIM Ex-Dahej settled price, representing an 11% difference. GIXI-West was ₹999 or $11.6 per MMBtu, marginally higher than the all-India average, while GIXI-East and GIXI-South were lower by 5% and 4% respectively, largely due to differences in transmission and taxation costs.
In contrast to domestic market softness, global gas prices surged amidst geopolitical tensions stemming from the Iran-Israel war. European and Asian spot gas benchmarks recorded notable gains: TTF rose to $12.4/MMBtu, up 13% year-on-year and 6% month-on-month; WIM reached $14/MMBtu (ex-Dahej), up 5% YoY and 8% MoM; and the US Henry Hub benchmark increased to $3.7/MMBtu, marking a substantial 30% rise YoY and 6% MoM.
Of the gas volumes traded in June, approximately 78% comprised free market gas, while 22% was domestic High Pressure-High Temperature (HPHT) gas sold at the government-mandated ceiling price of ₹863 or $10.04/MMBtu. Around 10.7 MMSCM of domestic gas with pricing freedom was transacted at delivery points including Bokaro (CBM), KG Basin, and ONGC Hazira. The most active delivery locations were Dahej for free market gas and Mallavaram for ceiling price gas, with other key points being Jaya, Mhaskal, Bhadbhut, KG Basin, Bokaro, and Hazira.
During the first quarter of FY26, IGX recorded a total of 560 trades. Monthly contracts dominated the trading landscape, followed by Day-Ahead (7%), Weekly (7%), Fortnightly (5%), Daily (4%), 6 Month (2%), 3 Month (1%) and Intraday (0.01%) contracts. Gadimoga emerged as the most active delivery point, accounting for 50% of all trades, followed by Dahej with 16%.
IGX continues to offer a diverse portfolio of trading options at 21 delivery points across India. These include six LNG terminals, 12 domestic gas field landfall points, and three pipeline interconnection points. The exchange enables delivery-based trading in seven different spot contracts Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly (up to 12 months) as well as two Long Duration Contracts of three and six months. These contracts are benchmarked against indices such as GIXI, JKM, WIM, and Dated Brent, further enhancing transparency and market linkage.
