IGX delivers record high volumes in January
Premium- Price discovered at the exchange have been truly reflective of Indian demand and supply of natural gas and captured the LNG long-term, spot and domestic gas pricing well
NEW DELHI: Indian Gas Exchange kicked-off 2022 on a positive note, trading 17,63,100 MMBtu of gas volumes and delivering a record high 16,23,350 MMBtu in January.
The highest single day trade of 5,60,000 MMBtu was seen on 11 January, IGX said in a statement.
The average gas price discovered at the exchange during the month was ₹2,080, or $27.7, per MMBtu while average international spot gas price was at $35/MMBtu.
During the month, all international benchmarks such as TTF, JKM, WIM were close to their highs at about $35+ while price at the Henry Hub was $4.2/MMBtu.
Price discovered at the exchange have been truly reflective of Indian demand and supply of natural gas and captured the LNG long-term, spot and domestic gas pricing well, IGX said.
IGX has been achieving consistent growth in terms of volumes. In Q3 2021, IGX recorded trade volumes of 3.6 million MMBtu. Cumulatively, 5 million MMBtu was traded through IGX during the year.
On the regulatory front, in the 11th city gas distribution (CGD) auction, bids were received for 61 geographical areas (GAs) of 65 from 26 bidders, with the PNGRB approving issuance of Letter of Intent (LoI) to 13 entities.
IGX facilitates delivery-based trades in 6 different contracts such as day-ahead, daily, weekday, weekly, fortnightly and monthly at 5 different designated physical hubs - Dahej, Hazira, Dabhol, Jaigarh and KG Basin. Currently, the trades can be executed for three consecutive months in different contracts.
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On 19 January, the Indian Oil Corporation bought a 4.2% stake in IGX.
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