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The Indian Gas Exchange (IGX) traded 8 million MMBtu (201 MMSCM) gas volume in October’24, higher by 160% on MoM basis. Decreased APM gas allocations to the CGD sector and high global LNG prices have contributed to increased trade volumes.
GIXI for October 2024 was Rs 1098/$13 per MMBtu, lower by 4% last month. GIXI- South was Rs. 986/$11.7 per MMBtu and GIXI-West Rs 1102/$13.1 per MMBtu. Different spot international gas benchmark prices recorded were (monthly average): HH at ~$2.6/MMBtu (up by 9% MoM), TTF at $12.9 /MMBtu (up by 13% MoM), whereas LNG benchmark indices were: WIM – Ex Dahej ~14.3 $/MMBtu (down by 1% MoM).
A total of 124 trades were executed in October’24. The most active delivery point for free market gas was Dahej & KG Basin for Ceiling Price gas, other trading delivery points were- Hazira, Suvali, Mhaskal, Ankot, & Bokaro. Around 72% of the total volume was traded at Dahej delivery. GIXI – Dahej (Oct-24) was ?1100 or $13 / MMBtu lower by 3.4% MoM. WIM-Ex Dahej settled price for Oct-24 was also at similar level i.e. - $13.6/MMBtu.
Around 7.8 Million MMBtu of free market category gas was traded during the month & about 0.14 million MMBTU domestic ceiling price gas was traded at ceiling price (?854 or $10.16/MMBtu) at KG Basin delivery point. And about 0.2 Millon MMBtu domestic gas with complete pricing freedom was traded at Bokaro(CBM), Hazira (ONGC Hazira) & KG Basin delivery points.
During the month, the Exchange traded gas deliveries were 6.1 million MMBtu (~5 MMSCMD).
IGX currently offer trades at 15 delivery points. Out of which, 4 are LNG terminals, 3 are Pipeline Interconnection Points and 8 are domestic gas field land fall points & 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 twelve consecutive months. During the month, 40 trades (maximum number) were executed in Daily, followed by 29 trades in each Fortnightly & Monthly, 16 trades in Weekly, 8 trades in Day-Ahead & 2 trades in Weekday contract respectively.