Indian Gas Exchange Sees 50% Surge in Gas Volume in July Year-on-Year

The Indian Gas Exchange (IGX) has reported a 50 percent year-on-year increase in its gas volume, reaching 4.1 million Metric Million British Thermal Units (MMBtu) in July 2024.

According to IGX, a total of 96 trades were executed in July 2024. This includes 28 trades in Monthly contracts, 26 in Daily contracts, 19 in Weekly contracts, 16 in Day-Ahead contracts, and 7 in Fortnightly contracts.

The most active delivery points for free market gas were Mhaskal and Gadimoga for Ceiling Price gas. Other significant trading delivery points included Dahej, KG Basin, Hazira, Suvali, and Bhadbhut. The company’s exchange-traded gas for the month was 3.5 million MMBtu.

The Gas Index of India (GIXI) for July 2024 rose by four percent, reaching Rs 1,114/USD 13.2 per MMBtu. GIXI-South was Rs 936/USD 11.2 per MMBtu, while GIXI-West was Rs 1,119/USD 13.3 per MMBtu.

Additionally, the total domestic ceiling price category gas traded during the month amounted to 0.6 million MMBtu, with a ceiling price of Rs 825/MMBtu at KG Basin and Gadimoga delivery points.

In July, IGX executed its first trade in a small-scale liquefied natural gas (SSLNG) contract within a Daily contract at the Dahej delivery point. Gujarat State Electricity Corporation Limited (GSECL) joined as a new proprietary member. IGX also received approval from PNGRB to add Jaya, Jharia, Kochi, and Chhara as new delivery points.

IGX currently offers delivery-based trading in six different contracts: Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, with trading available for up to six consecutive months. Gas trades are conducted at multiple delivery points, including Dahej, Hazira, Ankot, Mhaskal, Bhadbhut, Dabhol, KG Basin, Gadimoga, and Suvali.

IGX operates across six regional gas hubs: Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub throughout India. Established in 2020, Indian Gas Exchange Limited (IGX) is India’s first automated national-level gas exchange for the physical delivery of natural gas.

(With ANI Inputs)

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