The upstream natural gas and oil industry in Texas is at risk of slowing in part as natural gas prices have plunged by more than 160% year/year, according to the Texas Alliance of Energy Producers (TAEP).

NGI’s spot natural gas price at the Henry Hub was $2.090/MMBtu at the start of April, down more than 160% from $5.470 in April 2022. The Henry Hub traded May 25 for May 26 delivery was $2.215. 

The industry group tracks activity using the Texas Petro Index (TPI) created by economist Karr Ingham. The index is calculated using 1995 as the base year for exploration and production (E&P) activity. According to Ingham, the TPI finished April at 176.9, off slightly from March’s 177.8. 

The April total was up 12.3% from April 2022, but a dip in...