IGX Reports Record Gas Trading Volume in November, Driven by CGD Sector Demand

IGX Reports Record Gas Trading Volume in November, Driven by CGD Sector Demand

Mumbai, Dec 06: Indian Gas Exchange (IGX) recorded a monthly traded gas volume of 8.8 million MMBtu (221 MMSCM) in November 2025, marking a 181% month-on-month and 249% year-on-year increase. The growth was primarily driven by demand from the City Gas Distribution (CGD) sector, as Henry Hub–linked contract prices were higher than prevailing spot prices on the exchange.

Approximately 75% of the traded volume was free-market gas, while the remaining 25% was domestic HPHT gas at the ceiling price. Nearly 8 MMSCM of domestic gas with pricing freedom was traded by producers at Bokaro (CBM), KG Basin, and Hazira-ONGC delivery points.

IGX’s benchmark price index, GIXI®, for November 2025 remained largely stable month-on-month and trended downward on a year-on-year basis, reflecting ample supply and stagnant demand. International prices also trended lower year-on-year, with European and Asian spot gas benchmarks showing a similar trajectory, while US Henry Hub saw higher volatility.

Regional GIXI® indices showed variations due to transmission and tax differentials. GIXI®-West remained aligned with the All India index, whereas GIXI®-East and GIXI®-South were slightly lower. GIXI®-Dahej traded at a modest discount compared to the corresponding WIM-Ex Dahej benchmark.

November 2025 also saw notable developments on the exchange: the first trade at KG Basin Tatipaka delivery point and the launch of a new Balance of the Month contract. A total of 222 trades were executed during the month. Among delivery points, Dahej was the most active for free-market gas, while Gadimoga led ceiling-price trades. Other active delivery points included Mhaskal, Dabhol, Ankot, Bokaro, Bhadbhut, Mallavaram, KG Basin, and Hazira-ONGC.

Trade breakdown by contract type included: 65 Fortnightly trades, 53 Daily, 51 Monthly, 24 Weekly, 23 Day-Ahead, and 6 Intraday contracts. Total exchange-traded deliveries amounted to approximately 6.4 million MMBtu (~5.4 MMSCMD).

IGX offers delivery-based trading across eight spot contracts — Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly, Monthly (up to 12 months), and Balance of Month — as well as two Long Duration Contracts (3 Months and 6 Months), linked to benchmarks such as GIXI®, JKM®, WIM®, and Dated Brent®.