GIXI demonstrates resilience in the face of global volatility
New Delhi: The Indian Gas Exchange’s benchmark index, GIXI, for July 2025 reflected a blend of international market shifts and domestic gas trends. Pegged at Rs 1,023 ($11.9/MMBtu), the index fell 8% year-on-year but rose 3% month-on-month, signalling continued repricing amid easing global prices and subdued power sector demand.
Globally, Dutch TTF averaged $11.7/MMBtu—down 10% from June but 13% higher year-on-year. The West India Marker (WIM) closed at $13.1/MMBtu, while US Henry Hub was at $3.3/MMBtu, 10% lower month-on-month but up 48% from last July, highlighting persisting LNG market volatility.
Domestically, GIXI-West matched the all-India average at Rs 1,025 ($11.9/MMBtu). GIXI-East and GIXI-South were down 3% and 1% respectively due to varied tax and transmission costs. GIXI-Dahej stood at Rs 1,009 ($11.7/MMBtu), up 3% month-on-month but $1.7/MMBtu (15%) below the WIM-Ex Dahej benchmark.
IGX traded 4.15 million MMBtu (105 MMSCM) in July, up 2% year-on-year and 3% month-on-month, driven by domestic gas sales—47% free market and 53% HPHT gas at the government ceiling of Rs 867 ($10.04/MMBtu). Around 5 MMSCM of pricing-freedom gas was traded at Bokaro (CBM), KG Basin and Hazira-ONGC.
IGX completed a total of 116 trades during the month. The Dahej terminal was the most active delivery point for free market gas, followed by Gadimoga in ceiling price gas trades. Other major delivery points were Jaya, Mhaskal, KG Basin, Bokaro, Dabhol, Hazira, and Hazira-ONGC. Among the trades, Fortnightly proved to be the most popular with 43 trades, followed by Monthly (28), Day-Ahead (16), Intraday (11), and both Daily and Weekly contracts at 9 trades each.
Exchange-traded deliveries in July amounted to 6.3 million MMBtu, averaging approximately 5.1 MMSCMD, which registered a steady contribution to the country’s gas market amid larger supply-demand adjustments.
On the membership side, Sanron Energy Private Limited became a proprietary member of IGX in July, increasing the number of registered entities to 51.
The exchange still has delivery-based trade across 21 strategic points, including six LNG terminals, twelve domestic gas field landfall points, and three interconnections of pipelines.
