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IGX reported 13.28 million MMBtu traded in October 2026. We explain what moved year on year, what fell from September, who bought, and what the numbers do not tell you.
The Indian Gas Exchange (IGX) reported that it traded 13.28 million MMBtu of gas in October 2026. That is 326% higher than October 2025 but about 25% lower than September 2026 (17.76 million MMBtu, per IGX's own September release dated 8 October 2026), according to IGX's October update as reported on 6 November 2026.
October 2026 at a glance
| Metric | October 2026 | Change |
|---|---|---|
| Gas traded | 13.28 million MMBtu (334.59 MMSCM) | +326.03% vs Oct 2025; -25.25% vs Sep 2026 |
| Free-market gas | 10.08 million MMBtu (75.88% of volume) | n/a |
| Domestic HPHT gas | 24.12% of volume, all bought by city gas distributors | n/a |
| Bought by power sector (free market) | 5.69 million MMBtu | n/a |
| Gas delivered | 15.05 million MMBtu (12.23 MMSCMD) | n/a |
| GIXI benchmark price | Rs 2,471 per MMBtu (USD 25.87) | +154.44% vs Oct 2025; -8.89% vs Sep 2026 |
| Delivery points / standard contracts | 19 / 12 (as of 31 Oct; 10 standard contracts at 30 Sep) | n/a |
Source: IGX monthly gas market update (6 Nov 2026), as reported by ANI, PSU Watch and SMEStreet. Units: MMBtu = million British thermal units; MMSCM = million standard cubic metres; MMSCMD = per day.
Why the 326% looks so large
A year-on-year jump depends on the starting point. Working backwards from the reported figures, October 2025 volume was roughly 3.12 million MMBtu (13.28 divided by 4.2603; our calculation, not a reported number). IGX's own September release gives September 2026 at 17.76 million MMBtu, which is itself 208.22% above September 2025, and the 25.25% fall to October checks out against it (13.28 / 17.76). So October 2026 is more than four times a small base, yet below the prior month. Read both comparisons together. Over the half-year (April to September 2026), IGX reported a record 69.52 million MMBtu, up 70.78% year on year.
Who bought the gas
- Free-market gas (pricing freedom for producers) was 10.08 million MMBtu, or 75.88% of volume. Producers sold about 15.43 MMSCM from the Jaya, Hazira-ONGC, Suvali and Bokaro CBM blocks. Dahej had the highest free-market trading.
- Power plants bought 5.69 million MMBtu, about 56% of free-market volume (our calculation: 5.69 / 10.08). Their purchases split 57.22% balance-of-month, 27.48% intraday and day-ahead and 15.30% fortnightly.
- City gas distributors bought all of the domestic HPHT gas sold on IGX, 24.12% of the month's volume, for PNG (domestic) and CNG (transport) demand.
- Power buying cooled: IGX's September release shows the power sector took 10.36 of 12.83 million MMBtu of free-market gas (about 81%, our calculation). In October it took 5.69 of 10.08 (about 56%). That shift, not just overall volume, explains part of the month-on-month fall.
- IGX also reported a record single-day intraday volume of 0.30 million MMBtu.
The price benchmark
IGX's Gas Index of India (GIXI) averaged Rs 2,471 per MMBtu in October, 154.44% above October 2025 and 8.89% below September. Regional indices diverged: GIXI-West Rs 2,468 (-9.86% vs Sep), GIXI-East Rs 2,488 (+26.81%) and GIXI-Dahej Rs 2,359 (-4.76%).
What this does not tell you
- It is one month of exchange-reported volume. It does not show IGX's revenue, profit or valuation.
- Volume depends on gas supply, LNG prices, weather and power demand. A monthly dip after a strong month does not by itself indicate a trend.
- Nothing here is a view on any share price. UnlistedHub is a dealer, not an adviser; prices of unlisted securities are indicative dealer quotes, and unlisted securities can be illiquid.
FAQ
What is IGX? India's gas exchange where natural gas is traded in standardised contracts, regulated under the Petroleum and Natural Gas Regulatory Board framework.
What does MMBtu mean? A million British thermal units, a standard energy unit for gas.
Did IGX volume fall in October? Compared with September 2026, yes (about 25%). Compared with October 2025, it rose 326%.
Primary sources
- IGX media release: Gas Market Update, H1 FY27 and September 2026 (8 Oct 2026, read in full) (IGX Media Room > Press Releases)
- IGX Gas Market Insights, H1 FY27 (6 Nov 2026)
- October 2026 figures: taken from IGX's monthly update as reported by the outlets below. IGX's own October release was not yet listed on its Media Room page when we checked on 9 Nov 2026.
- ANI, 6 Nov 2026
- PSU Watch, 6 Nov 2026
- SMEStreet, 7 Nov 2026
- IGX website
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