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BAKKEN WIRE
Bakken Rig Count Holds at 22 as Oil Prices Surge Past $90 - Bakken Wire
Production Data

Bakken Rig Count Holds at 22 as Oil Prices Surge Past $90

Strong crude prices and a narrow differential provide a favorable backdrop, but the low rig count suggests production growth will remain limited.

Bakken Wire Staff·🔆Midday Wire·

North Dakota's active drilling rig count held steady at 22 on Wednesday, a level that historically signals a plateau for the state's oil production. The count comes amid a significant rally in crude oil prices, with West Texas Intermediate (WTI) trading at $92.96 per barrel, a gain of $3.29 for the day.

The current rig count is a critical indicator for future Bakken production. Historically, a rig count in the low 20s has been associated with maintaining, but not significantly growing, North Dakota's output. Production trends typically lag changes in the rig count by several months.

The price environment for Bakken crude is currently favorable. The Bakken differential—the discount at which Bakken crude trades versus the WTI benchmark—was recorded at -$3.42. This relatively narrow discount improves the netback for producers in the region. The global Brent crude benchmark also saw strong gains, trading above $101 per barrel.

Analysts watch the rig count as a direct measure of operator confidence and capital expenditure. A sustained count above 30 rigs is generally needed to drive meaningful production growth in the Bakken formation. The current level suggests operators are maintaining a disciplined approach to capital spending, focusing on efficiency and returns from existing wells rather than aggressive new drilling campaigns.

Natural gas prices, often a secondary consideration for Bakken operators focused on oil, were recorded at $2.75 per MMBtu. While not a primary driver, low gas prices can impact the economics of associated gas production from oil wells.

The combination of high oil prices and a narrow differential creates a profitable environment for current production. However, the stagnant rig count implies that this profitability is not yet translating into a surge in new drilling activity. The outlook for North Dakota production in the coming months is likely one of stability, with the potential for moderate declines if the rig count does not increase.

Source

Bakken Wire Live Data as of April 22, 2026

rig countoil pricebakken differentialproduction outlookwtibrent

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