Economic Analysis Division releases June 2024 insight

CHEYENNE (WNE) — Natural gas prices improved slightly in June, while oil prices remained steady, according to the June 2024 issue of The Wyoming Insight, which serves as an energy index and business indicators report for the state.

The June 2024 natural gas price at the Opal Hub averaged $1.71 per million British thermal units (MMBtu), $0.37 more than last month. The Henry Hub natural gas price averaged $2.53/MMBtu in June, $0.40 higher than last month.

The West Texas Intermediate monthly average price for crude oil was $82.69 per bbl. in June, up 3.2% compared to last month. Average active oil rigs were 12 in June and the conventional gas rig count was 1. A year ago, there were 16 oil rigs and 2 conventional gas rigs.

Total sales and use tax collections in June summed to $71.8 million, $3.8 million (-5.0%) less than June last year.

“This is the third time total sales and use tax collections have decreased year-over-year in the last four months,” said Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division.

Collections from the mining sector also saw a decrease, down $1.6 million (-16.4%) year-over-year, and 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,” said Bainer. Compared to February 2020, total employment in May 2024 was up 4,400 jobs, but employment in the mining sector was down 2,800 jobs.

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

This story was published on July 13, 2024.