IGX Reports 50% Surge in Gas Volume for July Amid New Approvals

The Indian Gas Exchange (IGX) reported a 50% year-over-year increase in gas volume, reaching 4.1 million MMBtu in July 2024. Key highlights include increased trades, new member additions, and regulatory approvals for multiple delivery points.

The Indian Gas Exchange (IGX) has experienced a significant 50 percent year-over-year increase in gas trading volume, reaching 4.1 million Metric Million British Thermal Units (MMBtu) in July 2024. A total of 96 trades were executed during the month, with Monthly contracts leading at 28 trades, followed by Daily contracts at 26, Weekly contracts at 19, Day-Ahead contracts at 16, and Fortnightly contracts at 7.

Key delivery points for free market gas included Mhaskal and Gadimoga for Ceiling Price gas, while other trading points were Dahej, KG Basin, Hazira, Suvali, and Bhadbhut. The exchange-traded gas volume for July stood at 3.5 million MMBtu. The Gas Index of India (GIXI) for the month rose by four percent to Rs 1,114/USD 13.2 per MMBtu, with GIXI-South and GIXI-West priced at Rs 936/USD 11.2 per MMBtu and Rs 1,119/USD 13.3 per MMBtu respectively.

In total, 0.6 million MMBtu of domestic ceiling price category gas was traded at Rs 825/MMBtu at KG Basin and Gadimoga delivery points. Additionally, the first trade in a small-scale liquefied natural gas (SSLNG) contract was completed in a Daily contract at the Dahej delivery point. Gujarat State Electricity Corporation Limited (GSECL) joined IGX as a new proprietary member, and IGX received regulatory approval from PNGRB to add Jaya, Jharia, Kochi, and Chhara as new delivery points.

IGX now offers delivery-based trade in six contract types: Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, covering multiple delivery points such as Dahej, Hazira, Ankot, Mhaskal, Bhadbhut, Dabhol, KG Basin, Gadimoga, and Suvali.

IGX spans six regional gas hubs, including the Western, Southern, Eastern, Central, Northern, and North Eastern Hubs across India. Established in 2020, IGX is India's pioneering automated national-level Gas Exchange dedicated to the physical delivery of natural gas. (ANI)