New Delhi: The Indian Gas Exchange (IGX) recorded a strong uptick in activity in November 2025, with traded gas volumes rising to 8.8 million MMBtu (221 MMSCM), marking a 181 percent month-on-month and 249 percent year-on-year increase. According to the exchange, the rise in demand was “primarily driven by demand from the CGD sector, as Henry Hub–linked contract prices were costlier than the prevailing spot prices of gas traded on exchange (GIXI).”
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IGX said that about “75 percent of the traded volume was free-market gas, while 25 percent was domestic HPHT gas at the ceiling price ($9.72/MMBtu).” Nearly 8 MMSCM of domestic gas with pricing freedom was traded at delivery points including Bokaro (CBM), KG Basin and Hazira-ONGC.
IGX’s benchmark Indian Gas Price Index, GIXI®, averaged Rs 993/USD 11.2 per MMBtu in November—“up 2 percent MoM and down 10 percent YoY.” The exchange said prices “remained similar to last month and trended downward on a YoY basis, in line with international markets, due to ample supply and stagnant demand.”
European and Asian spot benchmarks also eased year-on-year, with TTF “at USD 10.5/MMBtu (down 4 percent MoM, 24 percent YoY),” WIM-Ex Dahej “at USD 11.93/MMBtu (up 1 percent MoM & down 22 percent YoY),” while US Henry Hub was “higher at USD 4.5/MMBtu (up 32 percent MoM, 49 percent YoY).”
Regional IGX prices varied: GIXI-West matched the all-India index, while “GIXI-East and GIXI-South were lower by 3 percent and 9 percent, respectively due to transmission and tax differentials.” GIXI-Dahej was Rs 994/USD 11.2 per MMBtu, “3 percent down compared [to the] previous month.”
IGX said that November saw the “first trade executed at KG Basin – Tatipaka delivery point,” a newly opened location. The exchange also “launched Balance of the Month contract” during the month. A total of 222 trades were executed across product categories. Fortnightly contracts saw the highest activity at 65 trades, followed by Daily (53), Monthly (51), Weekly (24), Day-Ahead (23) and Intraday (6).
Exchange-traded deliveries stood at 6.4 million MMBtu (~5.4 MMSCMD). Dahej remained the most active delivery point for free-market gas, while Gadimoga led for ceiling-price volumes. Other active points included Mhaskal, Dabhol, Ankot, Bokaro, Bhadbhut, Mallavaram, KG Basin and Hazira-ONGC.
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IGX reiterated that it offers delivery-based trading across eight short-duration contracts—from Intraday and Day-Ahead to Monthly and Balance-of-Month—and two long-duration contracts of three and six months. These are linked to benchmarks including GIXI®, JKM®, WIM® and Dated Brent®.
The exchange noted that the GIXI® excludes long-duration contracts (LDC), small-scale LNG and domestic ceiling-price gas traded at the ceiling.
