The October 2024 edition of Wyoming Insight, the state’s energy index and business indicators report, is now available through the Wyoming Economic Analysis Division’s website, Wyoming Tribune Eagle reports.
This comprehensive monthly report offers a snapshot of key economic data, including trends in energy prices, tax collections, and employment figures.
Natural gas prices showed a slight uptick in October, with the Opal Hub price averaging $2.30 per million British thermal units (MMBtu), an increase of $0.44 from the previous month. However, the Henry Hub natural gas price dropped by $0.08 to $2.20/MMBtu. Despite the increase in Wyoming’s natural gas price, prices are still relatively low compared to historical levels.
On the oil front, the price of West Texas Intermediate (WTI) crude oil saw a slight rise, averaging $71.99 per barrel in October. This represents a 16.1% decrease from a year ago. While the oil price increase may provide some relief, it remains lower than last year’s prices. The state’s oil industry also showed stability with an average of 12 active oil rigs and four conventional gas rigs in operation.
A key indicator of Wyoming’s economic health, sales and use tax collections, experienced a decline. October’s total collections reached $91.9 million, a 2.0% decrease from the same month last year. According to Dylan Bainer, Principal Economist for the Economic Analysis Division, this marks the fifth time in the last eight months that year-over-year sales tax collections have declined. Notably, collections from the mining sector were down significantly, dropping 30.1% from October 2023. This marks the third consecutive month of more than 25% year-over-year declines in mining-related collections.
Despite declines in tax revenue from key sectors like mining, Wyoming’s job market continues to see modest growth. Employment in the state increased by 1.0% year-over-year, with a total of 294,800 jobs reported in September 2024. This is an additional 2,900 jobs compared to the same month in 2023. Private education and health sectors led the way, adding 1,000 jobs in the past year. While employment growth continues, Bainer cautioned that the rate of growth has slowed in recent months.
For more detailed insights into Wyoming’s economy, including full data on energy, employment, and tax collections, visit the Wyoming Insight report at tinyurl.com/Wyo-Insight-10-24.
