Mexico’s IPGN monthly natural gas price index averaged $3.15/MMBtu in November, down from $4.60/MMBtu during the same month a year ago.

The Comisión Reguladora de Energía (CRE) used 238 transactions reported by 24 marketers to calculate this month’s index, compared to 291 transactions from 21 marketers in the year-ago month.

The volume of natural gas transacted averaged 6.154 Bcf/d, down from 6.723 Bcf/d in November 2018.

The CRE began publishing the IPGN in July 2017 to serve as a reference until the market gained enough liquidity and transparency for third-party indexes to emerge.

Given Mexico’s dependence on gas imports from the U.S., a majority of gas transactions in Mexico are priced based on U.S. benchmarks such as Henry Hub, Houston Ship Channel, or Waha, plus the cost of transport to the delivery point in Mexico.

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