New Delhi: The Indian Gas Exchange (IGX) has recorded its highest-ever trading volumes in the first half of FY26, buoyed by strong buying from the power sector and increased participation in short-term contracts. IGX traded 40.7 million MMBtu (1,026 MMSCM) of gas in the first six months of FY26, up 72 percent year-on-year, the exchange said in a statement.
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Out of this, 42 percent was free-market gas and 58 percent was domestic high-pressure, high-temperature (HPHT) gas sold at the government’s ceiling price. A total of 1,031 trades were executed during the period.
Monthly contracts remained the most liquid, accounting for 64 percent of total volume, followed by fortnightly (12 percent), day-ahead (8 percent), weekly (7 percent), daily (4 percent) and intraday (3 percent). Gadimoga was the most active delivery point, contributing 44 percent of total trades, followed by Dahej at 17 percent.
In September 2025 alone, IGX achieved gas trade volume of 5.8 million MMBtu (145 MMSCM), marking an 88 percent YoY rise. The surge was largely driven by power-sector demand, which accounted for 40 percent of the month’s total volume through intraday and day-ahead contracts.
Of the total traded gas, 81 percent was free-market gas while 19 percent was domestic HPHT gas sold at the ceiling price of Rs 889 (USD10.04 per MMBtu). Nearly 10.6 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG Basin and Hazira-ONGC delivery points.
Selan Exploration Technology Limited became the fifth domestic producer to sell gas on IGX, joining the likes of ONGC and Vedanta.
IGX’s benchmark Gas Index of India (GIXI®) stood at Rs 1,040 (USD 11.8 per MMBtu) for September 2025, down 9 percent YoY but up 3 percent MoM. Prices trended in line with international benchmarks, reflecting softer demand across key Asian and European markets.
The European TTF benchmark averaged USD 11 per MMBtu (down 7 percent YoY), while the WIM-Ex Dahej index was USD 12.1 per MMBtu (down 13 percent YoY). The US Henry Hub, however, rose 28 percent YoY to USD 3 per MMBtu.
Regional GIXI indices showed price differentials due to taxes and transmission charges. GIXI-West remained broadly in line with the all-India index, while GIXI-East and GIXI-South were lower by 10 percent and 8 percent, respectively.
During September, IGX also signed a memorandum of understanding with PRISMA, Europe’s largest gas transport capacity booking platform, to promote transparent, efficient and sustainable gas markets. The partnership aims to combine European and Indian market experience to strengthen innovation and transparency in natural-gas trading.
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IGX currently offers delivery-based trade across seven spot contracts — from intraday to monthly — and two long-duration contracts (three-month and six-month) linked to benchmarks such as GIXI, JKM, WIM, and Dated Brent.