Economic Analysis Division releases July 2024 Wyoming Insight

CHEYENNE (WNE) — Natural gas prices are steady at around $2/MMBtu, and oil prices have stayed above $80/bbl, according to an energy index and business indicators report for the state.

The July 2024 issue of the Wyoming Insight is available at the state of Wyoming’s Economic Analysis Division website, ai.wyo.gov/ divisions/economic-analysis.

In July, the natural gas price at the Opal Hub averaged $1.91 per million British thermal units (MMBtu), 20 cents more than last month. The Henry Hub natural gas price averaged $2.07/MMBtu in July, 46 cents less than last month.

The West Texas Intermediate monthly average price for crude oil was $81.80 per bbl. in July, down 1.1% compared to last month.

Average active oil rigs were 13 in July, and the conventional gas rig count was two.

A year ago, there were 17 oil rigs and three conventional gas rigs.

Total sales and use tax revenues started Fiscal Year 2025 on high note, as collections in July totalled $94.7 million, which was $4.9 million (+5.4%) more than July last year.

“This is the highest single month total sales and use tax collections value ever recorded,” according to the report.

Collections from the construction sector saw the largest year-over-year increase in July, up 120.9%.

Mining employment is still down compared to pre-pandemic levels.

“Relative to February 2020 (before the pandemic hit the labor market in March 2020), total employment has surpassed pre-COVID levels, but employment in the mining sector has still not fully recovered,” the report said.

Compared to February 2020, total employment in June 2024 was up 3,300 jobs, but employment in the mining sector was down 3,200 jobs.

This story was published on August 9, 2024.