New Delhi: Trading volumes on the Indian Gas Exchange (IGX) rose 215% year-on-year to 1,790,700 mmBtu (~45 mmscm/1.5 mmscmd) in April, as per data released by the exchange. However, the month-on-month, volumes fell 68% due to decreased spot demand as long-term supplies rose.

IGX executed a total of 74 trades during the period.

According to data, Hazira was the most active delivery point for free market gas, while Gadimoga saw the trading of domestic ceiling price gas. Other delivery points included Dahej, Ankot, Suvali, and Mhaskal.

IGX traded a total of 903,650 mmBtu of domestic ceiling price gas during the month, with 785,850 mmBtu traded at the ceiling price of $12.46/MMBtu and 117,800 mmBtu below the ceiling price at $11.5, as per the Ministry of Petroleum and Natural Gas (MoPNG) notification dated 13 January, 2023.

The exchange offers delivery-based trade in six different contracts, including Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, across six regional gas hubs in India.

The Gas Index of India (GIXI) for April was ₹1,075/$14 per MMBtu, down 8% from previous month.

According to the exchange, spot gas benchmark prices recorded were HH at ~$2.4/mmBtu and TTF at ~$14/mmBtu, while the LNG benchmark index was WIM at ~13.5$/mmBtu.

The surge in volumes on the IGX reflects increasing demand for natural gas in India and the growing role of the exchange in facilitating gas trade in the country.

IGX currently offers delivery-based trade in six different contracts, including Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, under which trade can be executed for six consecutive months.

The gas trade takes place at multiple delivery points across India, covering six regional gas hubs: Western, Southern, Eastern, Central, Northern, and North Eastern Hub.