IGX gas trade volume rises 326% year-on-year in October

New Delhi: Gas trade volume on the Indian Gas Exchange (IGX) rose 326.03 percent year-on-year to 13.28 million MMBtu (million British thermal units) in October, the exchange said in its monthly gas market update issued on Friday. The October volume was equal to 334.59 million standard cubic metres (MMSCM). It was 25.25 percent lower than September’s 17.76 million MMBtu, which IGX’s September update had described as its highest-ever monthly volume. A total of 221 trades were executed on the exchange during October.

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City gas companies bought all HPHT gas traded

City gas distribution (CGD) companies bought all the domestic gas from high pressure, high temperature (HPHT) fields that traded on the exchange in October. They bought it to meet demand for piped natural gas (PNG) in homes and compressed natural gas (CNG) for transport, which the release called PNG-D and CNG-T. “Approximately 24.12 percent of the traded volume comprised of domestic HPHT gas, all procured by CGDs for their PNG-D & CNG-T demand, while the remaining 75.88 percent was free market gas,” IGX said.

Producers also traded nearly 15.43 MMSCM of domestic gas with pricing freedom, according to the release. This gas changed hands at Jaya, Hazira-ONGC (Oil and Natural Gas Corporation), Suvali and the Bokaro coal-bed methane (CBM) block.

Power sector took 5.69 million MMBtu of free market gas

The power sector bought 5.69 million MMBtu of the 10.08 million MMBtu of free market gas traded in October, “with strong demand witnessed during the first half of the month,” IGX said. Most of that gas was bought on balance-of-month (BoM) contracts, which made up 57.22 percent of the power sector’s volume. Intra-day and day-ahead contracts made up 27.48 percent and fortnightly contracts the remaining 15.30 percent, according to the statement.

Intraday trading also set a new mark. “IGX recorded its highest-ever single-day intraday trade volume in October 2026 with 0.30 Mn MMBtu traded,” the exchange said. Deliveries traded through the exchange totalled 15.05 million MMBtu during the month, or 12.23 million standard cubic metres per day (MMSCMD).

GIXI falls 8.89% from September, up 154% year-on-year

IGX’s benchmark price index, the Gas Index of India (GIXI), fell 8.89 percent from September to Rs 2,471 (USD 25.87) per MMBtu in October. Even so, the index was 154.44 percent higher than a year earlier, according to the release. IGX said GIXI reflects the volume-weighted average price of all gas traded on the exchange. It leaves out ceiling price gas, small-scale liquefied natural gas (ssLNG) and long-duration contracts.

The regional indices moved in opposite directions. GIXI-West fell 9.86 percent month-on-month to Rs 2,468 (USD 25.84) per MMBtu. GIXI-East rose 26.81 percent to Rs 2,488 (USD 26.05), which put the eastern index above the western one in October. GIXI-Dahej fell 4.76 percent to Rs 2,359 (USD 24.70) per MMBtu, the lowest of the four indices the exchange reported. Dahej still led the market in volume. “During the month, Dahej recorded the highest trade volumes in the free market category,” IGX said.

1-year, 2-year contracts, regasification capacity platform launched

In October, IGX added one-year and two-year contracts to its long-duration offerings. “These contracts enable participants to secure gas supply over longer period at transparent, price discovery mechanism,” the exchange said. It also launched a platform for booking unused regasification capacity at liquefied natural gas (LNG) terminals. “The platform enables market participants to identify and access available capacity in a transparent and efficient manner,” IGX said.

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With the two launches, IGX’s portfolio grew to 12 standardised natural gas contracts as of October 31. Eight of them are fixed-price contracts: intraday, day-ahead, daily, weekly, weekday, fortnightly, monthly and balance-of-month. The other four are term-ahead or index-linked contracts of three months, six months, one year and two years, according to the release. IGX said it operates across 19 delivery points. These are regasified liquefied natural gas (RLNG) terminals, pipeline interconnection points and landfall points of domestic gas fields.

IGX operates under the regulatory framework of the Petroleum and Natural Gas Regulatory Board (PNGRB). The exchange said it is planning an initial public offering (IPO) of its equity shares, subject to approvals and market conditions. It filed a draft red herring prospectus (DRHP) dated July 14 with the Securities and Exchange Board of India (SEBI) and BSE, according to the release.

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