India’s gas trading activity strengthened in January as volumes on the Indian Gas Exchange (IGX) rose sharply, even as benchmark prices softened on improved domestic supply.
IGX recorded traded gas volumes of 8.4 million MMBtu (212 million standard cubic metres) during January 2026, up 50 per cent month-on-month and 17 per cent year-on-year. The increase was driven largely by higher city gas distribution (CGD) demand and trading in domestically produced high-pressure high-temperature (HPHT) gas. Of the total volume, about 84 per cent comprised domestic HPHT gas sold at the administered ceiling price, while 16 per cent was free-market gas.
The Indian Gas Exchange’s benchmark Indian Gas Price Index (GIXI®) for January 2026 averaged ₹962 per MMBtu ($10.6/MMBtu), down 3 per cent from December and 21 per cent lower than a year earlier. The year-on-year decline in prices was attributed to higher domestic supply, even as international gas prices moved up sequentially due to extended winter conditions and geopolitical factors.
Among global benchmarks, the monthly average price at Europe’s TTF hub rose 32 per cent month-on-month to $13/MMBtu but remained 19 per cent lower year-on-year. The West India Marker (WIM-Ex Dahej) averaged $11.4/MMBtu, up 8 per cent from December and down 25 per cent from a year earlier, while the US Henry Hub price averaged $4.1/MMBtu, down 7 per cent month-on-month and up 10 per cent year-on-year.
Regionally, GIXI®-West at ₹967/MMBtu was broadly in line with the all-India index, while GIXI®-East and GIXI®-South were lower by 4 per cent and 6 per cent, respectively, reflecting transmission and tax differences. The GIXI®-Dahej benchmark stood at ₹957/MMBtu, about 2 per cent lower than the previous month and at an 8 per cent discount to the WIM-Ex Dahej settlement price for January.
Trading activity also picked up, with 145 trades executed during the month. Fortnightly contracts accounted for the highest number of trades at 69, followed by monthly contracts (56), daily (16) and smaller volumes across day-ahead, beginning-of-month, intraday and small-scale LNG contracts. Dahej emerged as the most active delivery point for free-market gas, while Gadimoga led activity for ceiling-price gas.
Exchange-traded physical deliveries during January totalled about 3.2 million MMBtu, equivalent to roughly 2.6 MMSCMD, underscoring the growing role of IGX in India’s evolving gas market.
Producers traded nearly 8 MMSCMD of domestically priced gas at delivery points including Bokaro (CBM), Jaya, the KG Basin and Hazira-ONGC, reflecting rising availability of local supplies.
