In a strong finish to the year, the Indian Gas Exchange (IGX) demonstrated resilience and growth in the month of December 2023. Despite a 7% month-on-month decrease, the exchange traded an impressive 26,55,350 MMBtu (~67 MMSCM/2.2 MMSCMD) of gas volume during the period.
A total of 132 trades were executed, showcasing the market’s vibrancy and liquidity. The majority of transactions occurred in the Daily contract, with 61 trades, followed by Fortnightly and Monthly contracts with 27 and 18 trades respectively.
Dahej emerged as the most active delivery point for free market gas, while Gadimoga witnessed trades of domestic ceiling price gas. Other notable trading delivery points included Hazira, Ankot, Suvali, Mhaskal, Bhadbhut, and KG Basin.
IGX facilitated a total gas flow of 37,26,500 MMBtu (~3 MMSCMD) during the month, contributing to the dynamic movement of natural gas within the market.
The Gas Index of India (GIXI) for December 2023 was reported at ₹1,098/$13.1 per MMBtu, reflecting a 3% decrease from the previous month. GIXI-South and GIXI-West were recorded at ₹830/$9.96 per MMBtu (Ceiling Price) and ₹1,098/$13.1 per MMBtu, respectively.
Various spot gas benchmark prices provided a comprehensive view of the market, with HH at ~$2.5/MMBtu, TTF at ~$14 /MMBtu, and LNG benchmark indices, including WIM at ~15 $/MMBtu.
IGX achieved a milestone by trading 7,82,000 MMBtu of domestic ceiling price gas during December, contributing to the overall market dynamics.
Looking at the broader picture for the year 2023, IGX traded a remarkable 4,84,93,750 MMBtu (3.3 MMSCMD), marking a substantial 16% increase on a year-on-year basis. A total of 1,424 trades were executed throughout the year, with the highest number of trades occurring in the Daily contract, followed by Monthly, Weekly, and Fortnightly contracts.
