Tag: India’s transition to exchange-based gas trading landscape

Exchange trades 8.8 million MMBtu amid rising CGD demand; GIXI® rises 2% MoM, falls 10% YoY; Tatipaka sees first trade execution

The Indian Gas Exchange (IGX) posted a sharp surge in traded gas volume for November 2025, clocking 8.8 million MMBtu (221 MMSCM), a 181% increase month-on-month (MoM) and 249% year-on-year (YoY). The growth was driven primarily by demand from the City Gas Distribution (CGD) sector, as Henry Hub-linked contract prices remained costlier than prevailing domestic spot rates.
Free-market gas contributed to 75% of the traded volume, while 25% was domestic High Pressure-High Temperature (HPHT) gas traded at the ceiling price of $9.72/MMBtu. Approximately 8 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG Basin, and Hazira-ONGC delivery points.

The Indian Gas Index (GIXI®), IGX’s benchmark price index, stood at ₹993/$11.2 per MMBtu in November, up 2% MoM but down 10% YoY. The trend mirrored global patterns as prices softened due to ample supply and subdued demand. International benchmarks also reflected a downward trend, with European TTF at $10.5/MMBtu (down 24% YoY), WIM-Ex Dahej at $11.93/MMBtu (down 22% YoY), and US Henry Hub at $4.5/MMBtu (up 49% YoY).
GIXI®-West mirrored the national index at ₹996/$11.2, while GIXI®-East and GIXI®-South were lower by 3% and 9% respectively, influenced by tax and transmission cost variances. GIXI®-Dahej for the month was ₹994/$11.2 per MMBtu, 3% lower than October and trading at a $0.7/MMBtu discount to WIM-Ex Dahej.

November marked two milestones for the exchange: the launch of a Balance of the Month contract and the first trade executed at the newly activated KG Basin – Tatipaka delivery point. A total of 222 trades were completed during the month.
Delivery point activity revealed Dahej as the most active for free-market gas and Gadimoga for ceiling-price gas. Other key delivery points included Mhaskal, Dabhol, Ankot, Bokaro, Bhadbhut, Mallavaram, KG Basin, and Hazira-ONGC.

Contract-wise, Fortnightly contracts led with 65 trades, followed by Daily (53), Monthly (51), Weekly (24), Day-Ahead (23), and Intraday (6). Exchange-based deliveries amounted to 6.4 million MMBtu, approximately 5.4 MMSCMD.
IGX currently offers delivery-based trading across eight spot contracts Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, Monthly (up to 12 months), and Balance of Month and two long-duration contracts of 3-month and 6-month terms. These are benchmarked to GIXI®, JKM®, WIM®, and Dated Brent®.
Note: GIXI® excludes LDC, ssLNG, and domestic ceiling price gas traded at the ceiling price.

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