Indian Gas Exchange (IGX) on Wednesday said its platform traded 14,90,450 mBtu (million British thermal units), or around 37.6 MSCM (million standard cubic meters), gas volume in May 2022, which is a whopping 1,241 per cent on a Y-o-Y basis from 1,11,100 mBtu traded in May last year.

During the month, the exchange delivered 8,46,300 mBtu (around 21.3 MSCM) volumes.

“The average gas price discovered at the exchange during the month was ₹1,684 ($22) per mBtu, while the average international spot gas price averaged around $24 per and the price at the Henry Hub was around $8.2. The competitive prices discovered at IGX have been a true reflection of India’s gas demand and supply including the LNG long-term, spot, and domestic gas prices,” Indian Energy Exchange (IEX) said in a statement.

IGX commenced trading of domestic gas during the month apropos the Petroleum & Natural Gas Regulatory Board (PNGRB) approval on its applications for creation of new delivery points and changes in contract parameters for the domestic gas trading. This development is pursuant to the Ministry of Petroleum & Natural Gas order of August 2021 regarding trading of marketing freedom domestic gas including ceiling price domestic gas produced by ONGC and RIL/BP at KG basin, on the Gas Exchange.

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IGX presently 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 the multiple delivery points such as: Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin covering 6 regional gas hubs namely, Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, North Eastern Hub across India.

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