State releases Wyoming Insight report for September 2024

CHEYENNE (WNE) — Natural gas prices have increased slightly, while oil prices have dropped to about $70/bbl, according to the Wyoming Insight, which serves as an energy index and business indicators report for the state.

The September 2024 natural gas price at the Opal Hub averaged $1.86 per million British thermal units (MMBtu), $0.29 more than last month. The Henry Hub natural gas price averaged $2.28/MMBtu in September, $0.30 more than last month.

The West Texas Intermediate (WTI) monthly average price for crude oil was $70.24 per bbl. in September, 21.5% less than a year ago.

This is the lowest the WTI monthly average oil price has been in 2024.

Average active oil rigs were in the state numbered 13 in September, and the conventional gas rig count was 5. This is the highest total rig count (18) since October 2023.

Total sales and use tax collections in September totaled $90.5 million, $2.8 million (+3.1%) more than September last year.

“After declining year-over-year in four of the last six months, sales and use tax collections improved in September, primarily driven by wind power projects,” said Dylan Bainer, principal economist for Wyoming’s Economic Analysis Division, in a news release.

Wholesale trade collections saw the largest increase, up 109.5% year-over-year. Collections from the mining sector declined, down 26.1%.

Total employment increased year-over-year; mining employment declined.

Employment in Wyoming totaled 293,600 jobs in August 2024 — 1,700 (+0.6%) more than August last year.

“Total employment continues to increase year-over-year, but at a slowing rate,” said Bainer. Employment from the mining sector decreased by 400 jobs (-2.3%) year-over-year.

The September 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 October 10, 2024.