The Indian Gas Exchange (IGX) traded 6,136,850 MMBtu (around 155 MMSCM) gas volume in February 2024, with 324 per cent month-on-month (MoM) increase and 17 per cent year-on-year (YoY) increase. In February 2024, IGX traded record 4.74 Million MMBtu (120 MMSCM) of monthly R-LNG volumes. A total of 101 trades were executed during the month. The maximum number of trades were executed in monthly contract, 62 trades; followed by weekly and fortnightly contracts of 20 and 10 trades respectively. The most active delivery point for free market gas was Hazira. This was the first month when Hazira became the most active delivery point. Other trading delivery points were Dabhol, Gadimoga, Dahej, Ankot, Suvali, Mhaskal and KG Basin. During the month, the Exchange traded gas deliveries were 11,06,000 MMBtu (around 1 MMSCMD). Gas Index of India (GIXI) for February 2024 was Rs 888/ $10.7 per MMBtu, lower by 11 per cent last month. GIXI South was Rs 798/ $9.6 per MMBtu and GIXI West, Rs 891/ $10.7 per MMBtu. Different spot gas benchmark prices recorded were HH at around $2/MMBtu, TTF at around $8.1 /MMBtu, whereas LNG benchmark indices were WIM around 9.1 $/MMBtu.
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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