Gas traded on IGX sees 169% growth in June buoyed by demand from power plants

New Delhi: Gas volumes traded on the Indian Gas Exchange (IGX) in June clocked a growth of 169 percent on year-on-year basis at 4.36 million MMBtu (~110 MMSCM). On month-on-month basis, the volumes were lower 11 percent. For Q1 of FY2024-25, the volumes were up 176 percent on year-on-year basis and 35 percent on quarter-on-quarter basis at 11.7 million MMBtu. “Trade volumes were high mainly due to increase in gas demand from gas-based power plants amid hot weather,” said IGX.

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Most trades executed in June in monthly contracts: IGX

A total of 79 trades were executed in June. During the month, 36 trades (maximum number) were executed in Monthly contracts, followed by 24 trades in Fortnightly contracts, 17 trades in Weekly contracts and two trades in Daily contracts respectively. The quarter saw 249 trades. The most active delivery point for free market gas was Dahej and Gadimoga for ceiling price gas, other trading delivery points were: KG Basin, Hazira, Ankot, Suvali and Mhaskal. During the month, the IGX traded gas deliveries were 6.35 million MMBtu (~5.3 MMSCMD).

GIXI for gas trade at USD 12.8/MMBtu

GIXI (Gas Index of India) for June 2024 was Rs 1,068/USD 12.8 per MMBtu, higher by 25 percent last month. GIXI- South was Rs 973/USD 11.6 per MMBtu and GIXI-West Rs 1,068/USD 12.8 per MMBtu. Different spot international gas benchmark prices recorded were: HH at ~USD 2.8/MMBtu (up by 17 percent MoM), TTF at ~USD 11 /MMBtu (up by 9 percent MoM), whereas LNG benchmark indices were: WIM ~USD 12/MMBtu (up by 11 percent MoM).

The total domestic ceiling price category gas traded during the month was 0.42 million MMBtu at ceiling price (Rs 824/MMBtu) at KG Basin and Gadimoga delivery points.

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.

The gas trade takes place at multiple delivery points, such as, Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga, Suvali. It covers six regional gas hubs, namely, Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub across India.

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