IGX trades record 24.5 million MMBtu in Q1FY26; gas prices fall 7% YoY in June 2025

 Despite geopolitical disruptions, IGX marks milestone with 560 trades in Q1FY26 and launches its first 6-month Long Duration Contract; GIXI benchmark price softens on power sector demand slump.

The Indian Gas Exchange (IGX) reported record-breaking performance in the first quarter of FY26, trading 24.5 million MMBtu (619 MMSCM) of natural gas, up 109% year-on-year and 22% quarter-on-quarter. The momentum was partly driven by the execution of its first-ever trade in a 6-month Long Duration Contract (LDC), marking a significant milestone for India’s gas trading ecosystem.
In June 2025 alone, IGX traded 4 million MMBtu (101 MMSCM), a decline of 8% YoY and 14% MoM due to reduced demand from the power generation sector. A total of 130 trades were executed across all contract types. The most liquid contract was Monthly, followed by Day-Ahead, Weekly, and Fortnightly agreements.

The Indian Gas Index (GIXI) for June 2025 settled at ₹989 or $11.5/MMBtu, down 7% YoY and 3% MoM. This price softness reflected lower industrial offtake, despite global gas benchmarks showing strength. The Dutch TTF benchmark stood at $12.4/MMBtu, WIM (ex-Dahej) at $14/MMBtu, and US Henry Hub at $3.7/MMBtu.
Regionally, GIXI-West was ₹999 or $11.6/MMBtu, higher than the all-India average. GIXI-East and South were down 5% and 4% respectively, impacted by transmission tariffs and tax variances. GIXI-Dahej was ₹981 or $11.4/MMBtu, trading at an 11% discount compared to WIM-Ex Dahej.

During June, 78% of traded volumes were from the free market segment, while 22% came from domestic HPHT gas at ceiling price (₹863 or $10.04/MMBtu). Around 10.7 MMSCM of domestically produced gas was traded from delivery points including Bokaro (CBM), KG Basin, and ONGC Hazira.
Exchange deliveries during the month stood at approximately 6 million MMBtu (~5 MMSCMD). The most active delivery points were Dahej and Mallavaram. Other notable hubs included Jaya, Mhaskal, KG Basin, Bokaro, Bhadbhut, and Hazira.

In Q1FY26, IGX executed a total of 560 trades, with Monthly contracts accounting for 74% of total volume, followed by Day-Ahead and Weekly contracts. The 6-month LDC accounted for 2% of volumes, affirming growing appetite for structured long-term contracts. Gadimoga emerged as the top delivery point with 50% share, followed by Dahej at 16%.
IGX currently enables trading at 21 delivery points, comprising 6 LNG terminals, 12 domestic field landfall points, and 3 pipeline interconnection nodes. Contracts include Intraday, Day-Ahead, Daily, Weekly, Fortnightly, and Monthly (up to 12 months), along with Long Duration Contracts of 3 and 6 months. Trades are benchmarked against GIXI, JKM®, WIM®, and Dated Brent®.

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