CHEYENNE (WNE) — The June 2023 issue of the Wyoming Insight is available at the state of Wyoming’s Economic Analysis Division website at eadiv.state.wy.us/.
The Wyoming Insight serves as an energy index and business indicators report for the state.
Highlights from this month’s issue include the following:
. Oil prices decrease slightly; natural gas prices stay around $2/MMBtu.
“The West Texas Intermediate monthly average price for crude oil was $70.25 per bbl. in June,” said Dylan Bainer, principal economist for the state’s Economic Analysis Division.
Average active oil rigs were 16 in June, and the conventional gas rig count was two. A year ago, there were 17 oil rigs and three conventional gas rigs.
The June 2023 natural gas price at the Opal Hub averaged $2.12 per million British thermal units (MMBtu), $0.23 higher than the May 2023 average.The Henry Hub natural gas price averaged $2.19/MMBtu in June, $0.05 higher than last month.
. Mining sector sales and use tax revenues continue to improve.
“June sales (and) use tax collections from the mining sector were up $1.9 million (+24.0%) year-over-year,” Bainer said. This is the 22nd consecutive month mining sector collections have increased year-over-year. Total collections were $75.6 million, $6.4 million (+9.2%) more than June last year.
. Oil and gas employment is still down big compared to pre-pandemic levels, but slowly improving.
“Oil and gas employment in the state numbered 9,100 jobs in May 2023, 700 more than May last year,” said Bainer. Before the COVID19 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.
. 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 returned to pre-COVID levels, but employment in the mining sector has still not fully recovered,” said Bainer.
Compared to February 2020, employment in the mining sector in May 2023 was down 2,700 jobs.