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Indian Gas Exchange Records Increase in Gas Volumes Traded
Indian Gas Exchange (IGX) reported a significant increase in gas volumes traded on its platform in July. The company traded 27,23,350 million British thermal unit (mBtu), equivalent to around 68 million metric standard cubic meters (mmscm). This represents a 28% sequential increase and a 20% year-on-year increase.
The surge in volumes can be attributed to the growing interest from buyers in spot buying, driven by a correction in gas prices globally. A total of 65 trades were executed during the month, with the majority being daily and weekly contracts. Monthly and fortnightly contracts also saw significant trading activity.
Suvali emerged as the most active delivery point for free market gas, while Gadimoga saw trading of domestic ceiling price gas. Other delivery points included Dahej, Mhaskal, KG Basin, Bhadbhut, and Ankot.
The Gas Index of India (GIXI) for July 2023 stood at ₹866/$10.6 per MMBtu, representing a 2% decline from the previous month. Various spot gas benchmark prices recorded were HH at ~$2.5/MMBtu and TTF at ~$10/MMBtu. LNG benchmark indices included WIM at ~$12/MMBtu.
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