IGX Hits Record High in Q1FY25 with 24.5 Million MMBtu Trade; June Volumes Dip Amid Lower Power Demand

Mumbai, Monday, 07 July 2025: During Q1FY25, IGX traded record volume of 24.5 million MMBtu (619 MMSCM). Another milestone achieved was first trade in 6-month Long Duration Contract. In June’25 due to lower demand from the power sector, IGX traded gas volume of 4 million MMBtu (101 MMSCM), lower by 8% YoY. 

Gas prices - GIXI for June 2025 was Rs 989/$11.5 per MMBtu, down by 7% YoY & 3% MoM, due to lower gas demand specially from power sector. Though, the international prices rose due to Iran-Israel war. European & Asian spot gas benchmarks were: TTF at $12.4 /MMBtu (13% up YoY, 6% up MoM), WIM at 14 $/MMBtu – ex Dahej (5% up YoY & 8% up MoM) & US HH at $3.7/MMBtu (30% up YoY & 6% up MoM).
 

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GIXI-West was Rs 999/$11.6/ MMBtu, higher by 1% GIXI-All India and GIXI- East and South both were lower by 5% and 4% respectively due to transmission & tax differential. GIXI – Dahej (June-25) was Rs 981 or $11.4 / MMBtu, 2% lower MoM. GIXI-Dahej was at discount of $1.5/MMBtu i.e. 11% compared to WIM-Ex Dahej settled price for June-25.

Around 78% of traded volumes were free market gas & 22% domestic HPHT gas at ceiling price (Rs 863 or $10.04/MMBtu). Around 10.7 MMSCM domestic gas having pricing freedom traded at Bokaro (CBM), KG Basin & ONGC Hazira delivery points.

A total of 130 trades were executed in June’25. The most active delivery point for free market gas was Dahej & Mallavaram for Ceiling Price gas. Other active delivery points were- Jaya, Mhaskal, KG Basin, Bokaro, Bhadbhut & Hazira. During the month, 46 trades were executed in the Daily, followed by 38 trades in Monthly, 18 trades in Day-Ahead, 16 trades in Fortnightly, 10 trades in Weekly and 2 trades in 6-month LDC contracts respectively

Exchange traded deliveries were 6 million MMBtu (~5 MMSCMD) during the month

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During Q1FY26 IGX trade volume of 24.5 million MMBtu (619 MMSCM) was higher by 109% YoY and 22% QoQ. Around 38% of traded volumes were free market gas & 62% domestic HPHT gas at ceiling price. A total of 560 trades were executed in Q1FY’26. The most liquid contract was the Monthly contract, 74% of the total volume trade in monthly contracts followed by Day-Ahead (7%), Weeky (7%), Fortnightly (5%), Daily (4%), 6 Month (2%), 3 Month (1%) & Intraday (0.01%) respectively. The most active delivery point was Gadimoga (50% of total trade) followed by Dahej (16% of total trade).

IGX currently offer trades at 21 delivery points. Out of which, 6 are LNG terminals, 12 are domestic gas field land fall points and 3 are pipeline interconnection points  and  offers delivery-based trade in seven different spot contracts such as Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly (upto 12 months), and two Long Duration Contracts - 3 Months and 6 Months linked to Benchmarks: GIXI, JKM®, WIM® & Dated Brent®.

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