The Oklahoma Energy Index posted positive growth for the first time nearly two years, according to a report by the Tulsa World.
A comprehensive measure of the state’s oil and natural gas industry activity, the Energy Index rose to 157.6, a 3.2 percent increase from the previous month’s reading. The Energy Index is a joint project of the Oklahoma Independent Petroleum Association, Bank SNB and the Steven C. Agee Economic Research and Policy Institute.
“The increase in the index would support the belief that a bottom may possibly be forming for this cycle, but that is not a given,” said Chris Mostek, senior vice president of energy lending for Bank SNB. “Customers continue to be understandably cautious given the price volatility and global economic uncertainty.”
Index growth was driven by solid gains in both crude oil and natural gas prices, steady rig activity in the state and renewed interest in the STACK and SCOOP plays, according to the Tulsa World report.