CHEYENNE (WNE) —  Oil and natural gas prices have increased, according to the January 2024 issue of the Wyoming Insight, which serves as an energy index and business indicators report for the state. 

“The West Texas Intermediate monthly average price for crude oil was $74.15 per bbl. in January,” said Dylan Bainer, principal economist for the state’s Economic Analysis Division. Average active oil rigs were 11 in January, and the conventional gas rig count was one. A year ago, there were 18 oil rigs and three conventional gas rigs.

“Natural gas spot prices at the national benchmark (Henry Hub) increased in January,” Bainer said. “Spot prices at the Opal Hub, which mostly reflect markets in the West (particularly California), also increased compared to last month.”

The January 2024 natural gas price at the Opal Hub averaged $4.74 per million British thermal units (MMBtu), $1.60 more than last month. The Henry Hub natural gas price averaged $3.22/MMBtu in January, $0.70 more than last month.

Mining sector sales and use tax revenues also continued to improve, according to Bainer.

“January sales and use tax collections from the mining sector were up $2.2 million (+23.1%) year-over-year,” he said. 

This is the 29th consecutive month mining sector collections have increased year-over-year. Total collections summed to $88 million, $2.6 million (+3.1%) more than January last year.

Oil and gas employment, however, is still considerably low compared to pre-pandemic levels. 

“Oil and gas employment in the state numbered 8,800 jobs in December 2023, 500 less than December last year,” said Bainer. Before the COVID-19 pandemic started to have a large impact on the economy in April 2020, oil and gas employment in the state numbered nearly 12,000 jobs.