Natural Gas Price Slide in March While Crude Oil Price Improve - Casper, WY Oil City News
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Natural Gas Price Slide in March While Crude Oil Price Improve

(Trevor T. Trujillo, Oil City)

The Wyoming Economic Analysis Division has released numbers regarding natural gas and crude oil prices. Analysts say that the prices for natural gas have gone down for the month, but crude oil prices move upwards.

“Natural gas prices weakened in March while crude oil prices increased slightly compared to February values,” according to Jim Robinson, principal economist for the state’s Economic Analysis Division.

The March 2018 price at the Opal Hub averaged $2.18 per million British thermal units (MMBtu) to date, compared to the $2.35 per MMBtu average in February 2018. By comparison, the March 2017 average price was $2.57 per MMBtu.

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The West Texas Intermediate crude oil price averaged $62.57 per bbl. in March 2018, an increase compared to the February 2018 average price of $62.17 per bbl.

This is about $12.99 per bbl. higher than the March 2017 price.

The oil rig count numbered 18 for February, while the conventional gas rig count was 12 for the same month. Year-to-date applications for permits to drill for oil reached 1,770 through the end of February compared to 1,460 in 2017.

Oil and gas jobs numbered 12,100 in February, an increase of 1,400 from a year earlier.