IGX sees 16% surge in volume of gas traded in 2023 on its platform

The Indian Gas Exchange (IGX) on Thursday said volume of gas traded on the platform rose 16 per cent in 2023 as producers and consumers flocked to the exchange.

IGX recorded 1.22 billion cubic meters or 3.3 million standard cubic meters per day of gas trade in 2023, it said in a statement.

December volume at 67 million standard cubic meters or 2.2 million standard cubic meters per day was a 7 per cent decline month-on-month.

“A total of 132 trades were executed during the month. The maximum number of trades were executed in daily contract, 61 trades; followed by fortnightly and monthly contracts of 27 and 18 trades, respectively,” the statement said.

The most active delivery point for free market gas was Dahej and the domestic ceiling price gas was traded at Gadimoga. Other trading delivery points were Hazira, Ankot, Suvali, Mhaskal, Bhadbhut & KG Basin.

During the month, the exchange traded gas flows were 37,26,500 million British thermal unit or mmBtu (around 3 mmscmd).

GIXI (Gas Index of India) for December 2023 was Rs 1,098 (USD 13.1 per mmBtu), lower by 3 per cent last month.

IGX traded a total of 7,82,000 mmBtu domestic ceiling price gas during the month.

In 2023, IGX traded 4,84,93,750 mmBtu (3.3 mmscmd), marking a 16 per cent increase on a year-on-year basis. A “total of 1,424 trades were executed during the year, maximum number of trades executed in daily contract followed by monthly, weekly and fortnightly contracts,” the statement said.

IGX 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.

Established in 2020, IGX is India’s first automated national-level gas exchange for physical delivery of natural gas. The exchange provides a neutral and transparent marketplace to multiple buyers and sellers to trade in the spot and forward gas contracts at designated physical hubs.


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