Indian Gas Exchange Sees Major Surge: October Trade Volume Soars 160%
In October, India's Gas Exchange reported a 160% increase in trade volume, with 8 million MMBtu traded. Key contributing factors include reduced APM gas allocations and high global LNG prices. The most active delivery points were Dahej and KG Basin, with significant international benchmark gas price movements also observed.
- Country:
- India
The Indian Gas Exchange (IGX) reported a significant surge in trading activities for October 2024, with an impressive 8 million MMBtu of gas traded, marking a monumental 160% rise from the previous month. IGX attributed this remarkable growth to reduced APM gas allocations to the CGD sector and a spike in global LNG prices.
A total of 124 trades were executed during the month, with Dahej emerging as the most active delivery point for free-market gas. Key delivery points included KG Basin for ceiling-price gas and other locations such as Hazira, Suvali, Mhaskal, Ankot, and Bokaro. Notably, 72% of the total trade volume was concentrated at Dahej.
In terms of pricing, the GIXI for October 2024 stood at Rs 1,098 (USD 13) per MMBtu, reflecting a 4% decrease compared to the previous month. Price indices for the GIXI-South and GIXI-West regions also showed varying trends, priced at Rs 986 (USD 11.7) and Rs 1,102 (USD 13.1) per MMBtu, respectively.
(With inputs from agencies.)