Indian Gas Exchange (IGX) Trade Volume Triples in October

New Delhi, Nov 6 (PTI) The Indian Gas Exchange (IGX) traded 8 million MMBtu of gas volume in October, nearly triple as compared to the previous month, the exchange said in a statement.

Decreased administered gas allocations to the city gas sector and high global LNG prices contributed to increased trade volumes, it said.

The Gas Index of India (GIXI) for October 2024 was Rs 1,098 (USD 13) per million British thermal unit (MMBtu), lower by 4 per cent from last month.

GIXI-South was Rs 986 (USD 11.7) per MMBtu and GIXI-West Rs 1,102 (USD 13.1) per MMBtu.

Different spot international gas benchmark prices were recorded in October.

"A total of 124 trades were executed in October 2024. The most active delivery point for free market gas was Dahej and KG Basin for ceiling price gas, other trading delivery points were - Hazira, Suvali, Mhaskal, Ankot, and Bokaro," the statement said.

Around 72 per cent of the total volume was traded at Dahej delivery.

GIXI – Dahej (October 24) was Rs 1,100 or USD 13 per MMBtu, lower by 3.4 per cent month-on-month. West India Marker (WIM)-ex Dahej settled price for October was also at similar level - USD 13.6 per MMBtu.

Around 7.8 million MMBtu of free market category gas was traded during the month and about 0.14 million MMBtu domestic ceiling price gas was traded at ceiling price (Rs 854 or USD 10.16 per MMBtu) at KG Basin delivery point.

And about 0.2 million MMBtu domestic gas with complete pricing freedom was traded at Bokaro (CBM), Hazira (ONGC Hazira) and KG Basin delivery points.

During the month, the Exchange traded gas deliveries were 6.1 million MMBtu (around 5 million standard cubic meters per day).

IGX currently offer trades at 15 delivery points. Out of this, 4 are LNG terminals, 3 are Pipeline Interconnection Points and 8 are domestic gas field land fall points. It 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 12 consecutive months.

During the month, 40 trades (maximum number) were executed in daily, followed by 29 trades in each fortnightly and monthly, 16 trades in weekly, 8 trades in day-ahead and 2 trades in weekday contract, the statement added.