Indian Gas Market Surges 50% in January as Prices Drop

• Indian Gas Exchange (IGX) recorded an 8.4 million MMBtu trading volume in January, a 50% monthly increase and 17% year-on-year rise.
• Growth was driven by higher demand in city gas networks and increased trading of domestic gas from high-pressure, high-temperature (HPHT) fields.
• The Indian Gas Price Index (GIXI) fell to Rs 962 per MMBtu in January, a 3% drop from December and a 21% decrease year-on-year.
• Approximately 84% of gas traded was domestic HPHT gas at a government-set ceiling price of Rs 878 per MMBtu.
• Dahej was the busiest spot for free-market gas, while Gadimoga led for ceiling-priced gas; fortnightly contracts were most popular.