Gas Market Update, April 2024

The Indian Gas Exchange (IGX) traded 2.47 million MMBtu (~62 MMSCM) gas volume in April’24, higher by 123% MoM & 38% on YoY basis. Higher trade volumes were due to price corrections in the international market and lower price of imported LNG as compared to HPHT/Ceiling gas price in April’24.

A total of 74 trades were executed in April’24. During the month, 22 trades (maximum number) were executed in Daily contracts, followed by 19 trades in Fortnightly contracts and 18 trades in Monthly contracts.

The most active delivery point for free market gas was Hazira & Gadimoga for Ceiling Price gas, other trading delivery points were- Dahej, KG Basin, Ankot, Suvali, Mhaskal & Bhadbhut.

During the month, the Exchange traded gas deliveries were 2.91 million MMBtu (~2.5 MMSCMD).

GIXI (Gas Index of India) for April 2024 was Rs 754/$9 per MMBtu, lower by 6% last month. GIXI- South was Rs. 753/$9 per MMBtu and GIXI-West Rs 754/$9 per MMBtu.  Different spot gas benchmark prices recorded were: HH at ~$1.6/MMBtu, TTF at ~$9.2 /MMBtu, whereas LNG benchmark indices were: WIM ~9.7 $/MMBtu.

Total Domestic ceiling price category gas traded during the month was 2.08 million MMBtu at below ceiling price (avg. ₹793/MMBtu) at Gadimoga & KG Basin delivery points.

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.