Bakken Rig Count Holds at 26 as Oil Prices Retreat

North Dakota's active oil and gas rig count held steady at 26 for the week ending July 2, 2026, as crude oil prices posted midday losses. The count remains near the lowest levels seen in the modern shale era, according to Bakken Wire data.

The stability in drilling activity comes amid a pullback in benchmark crude prices. As of midday Thursday, West Texas Intermediate (WTI) crude traded at $67.76 per barrel, down $0.82 or 1.2% on the day. The international Brent crude benchmark was at $70.82, down $0.75. The price for Bakken crude at the wellhead is typically discounted against WTI; the current differential is -$3.42 per barrel.

The rig count is a closely watched leading indicator for future oil production in the Bakken formation and Williston Basin. Historically, a sustained increase in the active drilling fleet precedes a rise in output by several months, as new wells are drilled, completed, and brought online. Conversely, a low and stable rig count suggests that operators are maintaining, but not aggressively expanding, their drilling programs.

With only 26 rigs currently running, the state's production outlook for the near term appears flat to modestly declining. At current price levels, many operators may be focusing capital on completing drilled but uncompleted wells (DUCs) or on high-graded acreage, rather than launching significant new drilling campaigns.

Natural gas prices, often a secondary driver for Bakken operators who produce associated gas, were quoted at $3.18 per MMBtu. This provides some additional revenue but is not typically the primary economic driver for the region's oil-focused wells.

The current environment suggests a period of capital discipline for Bakken producers. Without a meaningful and sustained increase in oil prices above current levels, the rig count is unlikely to see a significant uptick. This would keep a cap on production growth potential through the remainder of 2026, barring major gains in well productivity or efficiency.

The Bakken formation remains North Dakota's primary oil-producing region, but operator activity levels are directly tied to commodity price signals and capital availability. The midday price weakness, if it holds, reinforces the cautious stance reflected in the stagnant rig count.