Indian Gas Exchange Trades 6.14 Mn MMBTU In Feb, Up 324% MoM

The Indian Gas Exchange (IGX), reported a trading volume of 6,136,850 MMBtu (~155 MMSCM) in February, with a 324 per cent month-on-month increase and a 17 per cent year-on-year increase.

In February 2024, IGX traded a record 4.74 million MMBtu (120 MMSCM) of monthly R-LNG volumes, the company said in a statement.

The exchange witnessed a total of 101 trades during the month. The maximum number of trades were executed in monthly contracts, 62 trades; followed by weekly and fortnightly contracts of 20 and 10 trades respectively.

Hazira emerged as the most active delivery point for free market gas. Other trading delivery points were Dabhol, Gadimoga, Dahej, Ankot, Suvali, Mhaskal and KG Basin.  During the month, the exchange-traded gas deliveries were 11,06,000 MMBtu (~1 MMSCMD).

The Gas Index of India (GIXI) for February 2024 was Rs 888/$10.7 per MMBtu, lower by 11 per cent last month. GIXI-South was Rs 798/$9.6 per MMBtu and GIXI-West Rs 891/$10.7 per MMBtu. Different spot gas benchmark prices recorded were: HH at ~$2/MMBtu, TTF at ~$8.1 /MMBtu, whereas LNG benchmark indices were: WIM ~9.1 $/MMBtu. 

IGX currently offers delivery-based trade in six different contracts such as Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, under which the trade can be executed for six consecutive months.

The gas trade takes place at multiple delivery points, such as - Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga and Suvali. It covers six regional gas hubs, namely, Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub across India.