State releases May issue of Wyoming Insight business indicators

CHEYENNE (WNE) — The Wyoming Insight, which serves as an energy index and business indicators report for the state, reported that in May, natural gas prices slightly improved and oil prices fell, near $80/bbl.

The May 2024 natural gas price at the Opal Hub averaged $1.34 per million British thermal units (MMBtu), $0.03 more than last month. The Henry Hub natural gas price averaged $2.13/ MMBtu in May, $0.54 higher than last month.

“Natural gas prices have suffered in recent months due to the unusually warm winter temperatures and high inventory levels,” according to Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division.

The West Texas Intermediate monthly average price for crude oil was $80.12 per bbl. in May, down 6.1% compared to last month. Average active oil rigs were 11 in May, and the conventional gas rig count was one. A year ago, there were 17 oil rigs and one conventional gas rig.

Total sales and use tax collections in May summed to $69.4 million, $6.6 million (-8.7%) less than May last year.

“This is the second time total sales and use tax collections have decreased year-over-year in the last three months,” said Bainer.

Collections from the mining sector also saw a decrease, down $2.6 million (-23.6%) year-over-year.

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 April 2024 was up 4,400 jobs, but employment in the mining sector was down 3,400 jobs.

The May 2024 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 June 12, 2024.