IGX Trades Record 15.9 Million MMBtu of Gas in April 2025

h wa hit a significant milestone in April 2025, as the Indian Gas Exchange (IGX) recorded its highest-ever monthly trading volume and saw the execution of its first long-duration contract (LDC).

The bullish trading activity came even as prices cooled month-on-month due to increased supply from both domestic and international sources.

According to the Gas Index of India (GIXI), the country’s benchmark gas price stood at INR 1,057 or USD 12.4 per MMBtu in April 2025. This marks a sharp 40 percent year-on-year increase, though prices dipped 13 percent compared to the previous month. The decline in price was attributed to higher liquefied natural gas (LNG) supplies in the global market and a rise in domestic gas availability.

Benchmark prices in international markets followed a similar trend. The Dutch TTF averaged USD 11.6/MMBtu in April, up 27 percent YoY but down 13 percent from March. Meanwhile, the West India Marker (WIM) rose 16 percent YoY and fell 12 percent MoM, averaging USD 12.52/MMBtu (ex-Dahej). U.S. gas benchmark Henry Hub (HH) clocked USD 3.45/MMBtu, reflecting a 94 percent YoY increase and a 16 percent MoM drop.

In an unprecedented surge, IGX traded a record volume of 15.9 million MMBtu (equivalent to 400 MMSCM) during April, registering a staggering 540 percent growth over the same month last year and 205 percent over March 2025.

Of the total volume, 84 percent comprised domestic High Pressure High Temperature (HPHT) gas traded at the ceiling price of INR 861 or USD 10.04/MMBtu, while the remaining 16 percent was free-market gas, including 0.75 million MMBtu with pricing freedom from Bokaro (CBM), KG Basin, and ONGC Hazira delivery points.

IGX executed 290 trades in April alone, with the highest number of trades occurring in Daily (108) and Monthly (107) contracts. This included the platform’s first-ever Long Duration Contract (LDC), covering a three-month period from May to July 2025. The 0.32 million MMBtu trade was priced against the Platts WIM® benchmark and delivered at the Hazira point.

The gas delivery network remained active across regions. Dahej led in free-market gas trades, while Gadimoga was the hub for ceiling price trades. Other key delivery points included Mhaskal, KG Basin, Bokaro, Mallavaram, Hazira, and Dabhol. The Exchange's total traded deliveries in April stood at 6.6 million MMBtu, approximately 5.6 MMSCMD.

Regionally, price differentials emerged due to transportation and tax factors. GIXI-West recorded a slight premium at INR 1,070 (USD 12.5/MMBtu), while GIXI-East and GIXI-South were priced lower at INR 1,005 (USD 11.7/MMBtu) and INR 975 (USD 11.4/MMBtu), respectively. GIXI-Dahej for March 2025 was USD 1,026 or USD12/MMBtu, down nearly 15 percent MoM and trading at an 18 percent discount compared to WIM ex-Dahej.

IGX currently facilitates delivery-based trade across 17 points, including five LNG terminals, nine domestic gas field landfall points, and three pipeline interconnection points.