IGX trade volume higher by 15 percent on MoM basis in August’24

The Indian Gas Exchange (IGX) traded ~4.7 million MMBtu (~118 MMSCM) gas volume. A total of 96 trades were executed in which the most active delivery point for free market gas was Dahej & Gadimoga for Ceiling Price gas, other trading delivery points were- Mhaskal, KG Basin, Suvali and Jaya.

The Indian Gas Exchange (IGX) traded ~4.7 million MMBtu (~118 MMSCM) gas volume in August’24, higher by 15% on MoM basis. A total of 96 trades were executed in August’24. The most active delivery point for free market gas was Dahej & Gadimoga for Ceiling Price gas, other trading delivery points were- Mhaskal, KG Basin, Suvali & Jaya.

IGX currently offer trades at 15 delivery points. Out of which, 4 are LNG terminals, 3 are Pipeline Interconnection Points and 8 are domestic gas field land fall points. Out of all delivery points, Dahej RLNG Terminal is most active and second is Mhaskal Interconnect point.  Around 78% of the total volume was traded at Dahej delivery point which grew by 201% MoM and 287% YoY. GIXI – Dahej (Aug-24) was ₹1061 or $12.6 / MMBtu which was around 6% lower when compared to WIM-Ex Dahej (Aug-24 settled – $13.5/MMBtu).

GIXI for August 2024 was Rs 1,064/$12.7 per MMBtu, lower by 4% last month. GIXI- South was Rs. 1029/$12.3 per MMBtu and GIXI-West Rs 1,065/$12.7 per MMBtu.  Different spot international gas benchmark prices recorded were: HH at ~$2.1/MMBtu (down by 5% MoM), TTF at ~$12.3 /MMBtu (up by 20% MoM), whereas LNG benchmark indices were: WIM ~14.4 $/MMBtu (up by 10% MoM).

Around 4.2 Million MMBtu of free market category gas was traded during the month which marks 20% MoM & 250% YoY growth. About 0.5 million MMBTU domestic ceiling price gas was traded at ceiling price (₹828/MMBtu) at KG Basin & Gadimoga delivery points. And about 0.15 Millon MMBtu  domestic gas with complete pricing freedom  was traded at Jaya, Suvali & KG Basin delivery points.

During the month, the Exchange traded gas deliveries were 3 million MMBtu (~2.5 MMSCMD).

The month witnessed first trade at Jaya delivery point, a Vedanta’s gas producing field connected to GAIL’s Natural Gas Pipeline network in Gujarat.

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. During the month, 29 trades (maximum number) were executed in Daily, followed by 27 trades in Monthly, 18 trades in Weekly, 11 trades in Day-Ahead, 10 trades in Fortnightly & 1 trade in Weekday contract respectively.

Note: The delivered volumes price excludes domestic ceiling price gas traded at ceiling price.