Wyoming Energy And Economic Indicators: Natural Gas Prices And Employment Trends Explained

The February 2025 issue of Wyoming Insight by the state's Economic Analysis Division have put out a recent report for April on the Wyoming energy index.

The insight notes that the Henry Hub monthly average gas price is at its highest since December 2022 while oil prices decrease.

"The February 2025 natural gas price at the Henry Hub averaged $4.23 per million British thermal units (MMBtu), $0.09 more than last month and $2.51 more than February 2024. The Opal Hub natural gas price averaged $3.43/MMBtu in February, $0.32 less than last month, but $1.39 more than February 2024."

"The West Texas Intermediate (WTI) monthly average price for crude oil was $71.53 per bbl. in February, 5.6% less than a month ago and 7.4% less than February 2024. Average active oil rigs were 12 in February and the conventional gas rig count was 2."

The total Sales & Use Tax Collections have decreased since April last year, and mining collections continue to fall.

"Total sales & use tax collections in February summed to $65.6 million, $5.8 million less (-8.1%) than February last year. "Sales & use tax collections have declined year-over-year in eight of the last twelve months," said Dylan Bainer, Principal Economist for Wyoming's Economic Analysis Division. Collections from the mining sector continue to decline, down $1.5 million (-17.5%) year-over-year. This is the 10th consecutive month that collections from the mining sector have declined year-over-year. Retail trade and utilities also experienced substantial declines, down $2.2 million (-7.9%) and $1.1 million (-21.0%), respectively."

Uinta County experienced the largest decrease in collections, down 19.8%. Weston County saw the largest increase, up 11.2%.

Employment, though, has increased in the last twelve months.

"Employment in Wyoming totaled 295,700 jobs in January 2025, 2,600 more (+0.9%) than January 2024. "Total employment continues to grow, but at a moderating rate," said Bainer. The construction sector added the most jobs in February, up 1,400 jobs year-over-year."

Single family housing units permitted through January 2025 increased by 44.8% compared to January 2024. The number of multifamily units decreased by 69.8% during the same period.