New Delhi: During FY2024-25, the Indian Gas Exchange (IGX) traded highest-ever gas volume of 60 million MMBtu (1,510 MMSCM), representing an increase of 47 percent on a year-on-year basis. Around 62 percent of traded volumes were free market gas and 38 percent was domestic HPHT gas at ceiling price. A total of 1,692 trades were executed in FY25, said IGX. The most liquid contract was the monthly contract, 48 percent of the total volume trade in monthly contracts followed by weekly (22 percent), fortnightly (19 percent), daily (5 percent), day ahead (4 percent), weekday (2 percent) and intraday (0.01 percent), respectively. The most active delivery point was Dahej (33 percent of total trade) followed by Gadimoga (22 percent of total trade).
During March, IGX traded 5.2 million MMBtu (131 MMSCM) gas volume, an increase of 367 percent on a year-on-year basis. Around 16 percent of traded volumes were free market gas and 84 percent domestic HPHT gas at ceiling price (Rs 883 or USD 10.16/MMBtu) and 0.2 Millon MMBtu gas having pricing freedom at Bokaro (CBM), Suvali, KG Basin and ONGC Hazira delivery points.
A total of 256 trades were executed in March. The most active delivery point for free market gas was Mhaskal & Gadimoga for Ceiling Price gas due to higher sales from domestic gas producers. Other active delivery points were- Dahej, KG Basin, Bokaro, Mallavaram, Hazira & Suvali.
During the month, the Exchange traded deliveries were 6.1 million MMBtu (~5 MMSCMD).
India’s gas price index, Gas Index of India (GIXI) for March 2025 was Rs 1,412/$14 per MMBtu, up by 38 percent YoY and 9 percent MoM basis due to an increase in gas demand from Europe, amid extended winters. The European and Asian spot international gas benchmark were also high YoY basis but showed downward trend when compared to previous month : TTF averaged at USD 13.3 /MMBtu (56 percent up YoY, 14 percent down MoM) & WIM were 42 percent up YoY and 12 percent down MoM averaged at 14.2 USD/MMBtu – ex Dahej. US gas price benchmark were on the higher side: HH at USD 4.1/MMBtu (133 percent up YoY & 11 percent up MoM)
GIXI-West were almost at same level as All India GIXI but GIXI- East was lower by 8 percent at Rs 1,120/USD 12.9 per MMBtu due to transmission differential & GIXI -North was lower by 1 percent at Rs 1,200/USD 13.8 per MMBtu. GIXI – Dahej (Mar-25) was Rs 1,203 or USD 13.9 / MMBtu, almost 8 percent up MoM. GIXI-Dahej was at discount of USD 2/MMBtu i.e. 14 percent compared to WIM-Ex Dahej settled price for March.
JSW Steel and Hindustan Oil Exploration Company (HOEC) joined IGX as new proprietary member during March 2025.
During FY’25, IGX signed MoUs with HPCL to boost natural gas consumption in India and with Crown LNG to enhance natural and renewable gas markets. Besides, the company also received PNGRB approval for Long Duration Contracts (LDCs) for 3-6 months and Small-Scale Liquefied Natural Gas (ssLNG) contracts. New delivery points like Jaya, Chhara and Barmer were added during FY’25.
