Natural gas and oil prices up

CHEYENNE — Natural gas prices have risen, and oil prices are above $75/bbl, according to Wyoming Insight, which serves as an energy index and business indicators report for the state.

The January 2025 natural gas price at the Opal Hub averaged $3.75 per million British thermal units (MMBtu), $0.99 more than last month, but $0.99 less than January 2024. The Henry Hub natural gas price averaged $4.14/MMBtu in January, $1.12 more than last month and $0.92 more than January 2024.

The West Texas Intermediate (WTI) monthly average price for crude oil was $75.74 per bbl. in January, 8% more than a month ago and 2.1% more than January 2024. Average active oil rigs were 12 in January, and the conventional gas rig count was two.

Total sales and use tax collections in January summed to $92.7 million, $4.8 million (+5.4%) more than January last year.

“Sales & use tax collections rebounded in January after declining year-over-year in seven of the 10 months previously,” said Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division.

However, collections from the mining sector continue to decline, down 17.2% year-over-year.

This is the ninth consecutive month that collections from the mining sector have declined year-over-year.

Employment in Wyoming totaled 297,300 jobs in December 2024, 4,900 (+1.7%) more than December 2023.

“This is the largest year-over-year percent increase in total employment in the last 12 months,” said Bainer. Private education and health added the most jobs in December, up 1,300 jobs year-over-year.

The January 2025 issue of the 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 February 12, 2025.