In a dynamic month of trading, the Indian Gas Exchange (IGX) demonstrated resilience and strength by facilitating the trade of 28,48,750 MMBtu (~72 MMSCM/2.4 MMSCMD) of gas volume in November 2023, despite a marginal 2% month-on-month decrease. This marked the exchange’s continued commitment to fostering a vibrant and efficient gas market in India.
A total of 141 trades were executed during the month, showcasing the diverse participation of market players. The majority of transactions, 71 in total, were carried out in the Daily contract, emphasizing the significance of short-term trading. Following closely were Weekly and Day Ahead contracts, with 44 and 9 trades respectively, underscoring the versatility of the IGX platform.
Mhaskal emerged as the most active delivery point for free-market gas, while Gadimoga took the lead for domestic ceiling price gas. The array of trading delivery points included Dahej, Hazira, Ankot, Suvali, and the KG Basin, illustrating the geographical diversity of the exchange’s operations.
The Exchange’s gas flows during the month reached an impressive 79,38,200 MMBtu (~6.7 MMSCMD), a noteworthy figure attributed to the maturation of significant trades from previous months. This trend highlights the long-term stability and consistent performance of IGX.
The Gas Index of India (GIXI) for November 2023 stood at ₹1,131/$13.5 per MMBtu, exhibiting a robust 13% increase from the previous month. GIXI-South reported ₹829/$9.96 per MMBtu, capped due to the Ceiling Price, while GIXI-West mirrored the overall index at ₹1131/$13.5 per MMBtu. Notable spot gas benchmark prices included HH at ~$2.7/MMBtu and TTF at ~$14.5/MMBtu. Meanwhile, LNG benchmark indices, such as WIM, were recorded at ~$16/MMBtu.
IGX actively participated in the trading of 18,70,000 MMBtu of domestic ceiling price gas during the month, reaffirming its role as a key player in the domestic gas market.
