GAS MARKET UPDATE, DECEMBER 2024

? GIXI FOR DEC’24- WAS RS 1,215 /$14.3/MMBTU, 10% HIGHER on MoM

? DECEMBER TRADE VOLUME AT 5.7 MILLION MMBTU (144 MMSCM) INCREASE OF 129% MoM

? TOTAL 193 TRADES EXECUTED DURING THE MONTH

? Q3FY’25, TRADE VOLUME AT 16.2 MILLION MMBTU (410 MMSCM) ; INCREASE OF 37% QoQ

? TOTAL 448 TRADES EXECUTED IN Q3 FY25

? 9MFY’25 TRADE VOLUME AT 40 MILLION MMBTU (1 BCM), HIGHER BY 24% YOY

Bengaluru, Tuesday, 07 January 2025: Gas IndeX of India (GIXI) for December 2024 was Rs 1215/$14.3 per MMBtu, 10% up from last month. GIXI-West Rs 1222/$14.4 per MMBtu, GIXI- South was Rs. 1175/$13.8 per MMBtu & GIXI-East was Rs. 1123/$13.2 per MMBtu. All spot international gas benchmark prices also recorded higher compared to last month: HH at ~$3.4/MMBtu (up 15% MoM), TTF at $13.8 /MMBtu (Flat MoM), LNG benchmark index- WIM – Ex Dahej ~15.3 $/MMBtu (up 1% MoM). The gas prices continued upward trajectory due to increased demand & supply concern in international markets amid winters & geopolitical issues.

During the month IGX traded 5.7 million MMBtu (144 MMSCM) gas volume , higher by 129% on MoM basis. Increase in gas prices in international market, reduction in CGD APM gas allocation resulted in growth in trade volumes.

A total of 193 trades were executed in December’24. The most active delivery point for free market gas was Mhaskal & Gadimoga for Ceiling Price gas, other trading delivery points were- Dahej, KG Basin, Bokaro, Jaya, Mallavaram & Hazira. Around 17% of the total volume was traded at Dahej delivery. GIXI – Dahej (Dec-24) was ?1232 or $14.5 / MMBtu, up by 11% MoM. WIM-Ex Dahej settled price for Dec-24 was – $14.5/MMBtu.

Around 47% of trade volume as free market gas & 53% domestic gas HPHT gas at ceiling price (?863 or $10.16/MMBtu) and 0.53 Millon MMBtu pricing freedom at Bokaro (CBM), Jaya, ONGC Hazira & KG Basin delivery points.

During the month, the Exchange traded gas deliveries were 2.7 million MMBtu (~2.2 MMSCMD).

For the third quarter of the fiscal year 2025, IGX traded 16.2 Million MMBtu gas volume, marking a 37% increase on a QoQ basis. During the nine months of the fiscal year 2025, IGX treaded a total of ~40 Million MMBtu gas volume, representing an increase of 24% on a YoY basis.

IGX currently offer trades at 15 delivery points. Out of which, 4 are LNG terminals, 3 are Pipeline Interconnection Points and 8 are domestic gas field land fall points & offers delivery-based trade in seven different contracts such as Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly, under which the trade can be executed for twelve consecutive months. During the month, 57 trades (maximum number) were executed in Daily, followed by 54 trades in Monthly, 29 trades in Weekly, 27 trades in Fortnightly & 26 trades in Day-Ahead contract respectively.

Quick summary of Q3FY25:

? Total Trade Volumes: 16.2 Million MMBtu

? Domestic Ceiling Price Gas Trade: 3.6 Million MMBtu (22% of total)

? ssLNG Trade: 0.04 Million MMBtu (Around 50 Trucks)

? Total No. of Trades: 448

? Most Active Delivery Point: Dahej (47% of total)

? Most Active Contract: Monthly (46% of total)