Gas market update, June 2025
- Sub Editor
- Jul 7
- 3 min read
Indian gas price index, GIXI for June’25, was lower by 7% YoY and by 3% MoM at Rs 989 /$11.5/MMBtu
In June 2025, IGX traded gas volume of 4 million MMBtu (101 MMSCM), lower by 8% YoY & 14% MoM
In Q1FY26, IGX traded record gas volume of 24.5 million MMBtu (620 MMSCM), higher by 109% YoY & 22% QoQ
Total 130 trades executed during the month & 560 in Q1FY26
In June 2025, IGX executed first trade in LDC 6 month contract
During Q1FY25, IGX traded record volume of 24.5 million MMBtu (619 MMSCM). Another milestone achieved was first trade in 6-month Long Duration Contract. In June’25 due to lower demand from the power sector, IGX traded gas volume of 4 million MMBtu (101 MMSCM), lower by 8% YoY.
Gas prices - GIXI for June 2025 was Rs 989/$11.5 per MMBtu, down by 7% YoY & 3% MoM, due to lower gas demand specially from power sector. Though, the international prices rose due to Iran-Israel war. European & Asian spot gas benchmarks were: TTF at $12.4 /MMBtu (13% up YoY, 6% up MoM), WIM at 14 $/MMBtu – ex Dahej (5% up YoY & 8% up MoM) & US HH at $3.7/MMBtu (30% up YoY & 6% up MoM).
GIXI-West was ₹999/$11.6/ MMBtu, higher by 1% GIXI-All India and GIXI- East and South both were lower by 5% and 4% respectively due to transmission & tax differential. GIXI – Dahej (June-25) was ₹981 or $11.4 / MMBtu, 2% lower MoM. GIXI-Dahej was at discount of $1.5/MMBtu i.e. 11% compared to WIM-Ex Dahej settled price for June-25.
Around 78% of traded volumes were free market gas & 22% domestic HPHT gas at ceiling price (₹863 or $10.04/MMBtu). Around 10.7 MMSCM domestic gas having pricing freedom traded at Bokaro (CBM), KG Basin & ONGC Hazira delivery points.
A total of 130 trades were executed in June’25. The most active delivery point for free market gas was Dahej & Mallavaram for Ceiling Price gas. Other active delivery points were- Jaya, Mhaskal, KG Basin, Bokaro, Bhadbhut & Hazira. During the month, 46 trades were executed in the Daily, followed by 38 trades in Monthly, 18 trades in Day-Ahead, 16 trades in Fortnightly, 10 trades in Weekly and 2 trades in 6-month LDC contracts respectively.
Exchange traded deliveries were 6 million MMBtu (~5 MMSCMD) during the month.
During Q1FY26 IGX trade volume of 24.5 million MMBtu (619 MMSCM) was higher by 109% YoY and 22% QoQ. Around 38% of traded volumes were free market gas & 62% domestic HPHT gas at ceiling price. A total of 560 trades were executed in Q1FY’26. The most liquid contract was the Monthly contract, 74% of the total volume trade in monthly contracts followed by Day-Ahead (7%), Weekly (7%), Fortnightly (5%), Daily (4%), 6 Month (2%), 3 Month (1%) & Intraday (0.01%) respectively. The most active delivery point was Gadimoga (50% of total trade) followed by Dahej (16% of total trade).
IGX currently offer trades at 21 delivery points. Out of which, 6 are LNG terminals, 12 are domestic gas field landfall points and 3 are pipeline interconnection points and offers delivery-based trade in seven different spot contracts such as Intraday, Day-Ahead, Daily, Weekday, Weekly, Fortnightly and Monthly (upto 12 months), and two Long Duration Contracts - 3 Months and 6 Months linked to Benchmarks: GIXI, JKM®, WIM® & Dated Brent®.
Note: The GIXI excludes LDC, ssLNG & domestic ceiling price gas traded at ceiling price.
About IGX
Indian Gas Exchange Limited (IGX) is India’s authorised natural gas trading exchange. Powered by state-of-the-art technology, the Exchange provides a transparent, efficient, and competitive marketplace to trade in the spot and forward gas contracts at designated delivery points across six regional hubs. IGX facilitates indigenous price discovery reflective of Indian supply and demand, showcased by its benchmark price index, GIXI. The Exchange operates under the regulatory framework of Petroleum and Natural Gas Regulatory Board (PNGRB). For further details, log on to: www.igxindia.com
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