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IGX sees significant rise in Oct trade volumes
Millennium Post Delhi
|November 08, 2024
The Indian Gas Exchange (IGX) recently reported a substantial increase in natural gas trading volumes for October 2024, with a total of 8 million MMBtu (201 MMSCM) traded, marking a 160 per cent month-on-month (MoM) growth.
This surge is attributed to decreased Administered Pricing Mechanism (APM) gas allocations to the City Gas Distribution (CGD) sector and elevated global LNG prices, which have collectively driven market participants to seek alternative sources of supply.
The Gas Index for October 2024 (GIXI) stood at Rs 1098/ $13 per MMBtu, reflecting a 4 per cent decrease from the previous month. Regional variations were observed, with GIXI-South at Rs 986/ $11.7 per MMBtu and GIXI-West at Rs 1102/ $13.1 per MMBtu.
In contrast, international gas benchmark prices showed an upward trend, with the Henry Hub (HH) averaging ~ $2.6/ MMBtu (up by 9 per cent MoM) and the Title Transfer Facility (TTF) at $12.9/MMBtu (up by 13 per cent MoM). The LNG benchmark index for WIM-Ex Dahej settled at ~14.3 $/ MMBtu, a 1 per cent MoM decrease.
This story is from the November 08, 2024 edition of Millennium Post Delhi.
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