The Indian Gas Exchange (IGX) traded a gas volume of 4.92 million MMBtu (approximately 124 mmscm) in May 2024 – a 99 per cent increase on month-on-month basis and a 480 per cent increase on year-on-year basis. Trade volumes were high mainly due to an increase in gas demand from gas-based power plants amid hot weather and directives from the government to maximise their output.
A total of 96 trades were executed in May 2024. During the month, 32 trades were executed in monthly contracts, 29 in daily contracts and 19 in weekly contracts. The rest was executed in fortnightly, weekday and day-ahead contracts. The most active delivery point for free market gas was Dahej and KG Basin for ceiling price gas. Other trading delivery points were Hazira, Ankot, Suvali and Mhaskal.
During the month, gas deliveries traded on the exchange amounted to 3.47 million MMBtu (approximately 3 mmscmd). The Gas Index of India (GIXI) for May 2024 was Rs 851/$10.2 per MMBtu, 13 per cent higher than the previous month. GIXI-South was Rs 786/$9.4 per MMBtu and GIXI-West was Rs 901/$10.8 per MMBtu. The different spot gas benchmark prices recorded were Henry Hub at about $2.1/MMBtu and Title Transfer Facility at about $10/MMBtu, whereas the liquefied natural gas benchmark indices showed West India Marker at around $11.3/MMBtu.
The total gas traded under the domestic ceiling price category during the month was 0.20 million MMBtu at a ceiling price of Rs 823/MMBtu, at the KG Basin delivery. IGX offers delivery-based trade via six different contracts: day-ahead, daily, weekday, weekly, fortnightly and monthly, under which trade can be executed for six consecutive months.