Bakken Rig Count Holds at 29 as Oil Prices Retreat from Highs

North Dakota's active rig count held firm at 29 on Tuesday morning, even as crude oil prices retreated from recent highs. The steady drilling pace suggests operators are maintaining core development plans despite short-term price volatility.

According to live Bakken Wire data, West Texas Intermediate (WTI) crude traded at $91.14 per barrel, down $1.02 for a 1.11% decline. The international Brent benchmark followed suit, falling 1.13% to $93.91. North Dakota's Bakken crude traded at a discount of $3.42 to WTI, putting the local price at approximately $87.72. Natural gas held at $3.20 per MMBtu.

The current rig count of 29 provides a concrete indicator of operator activity levels in the Williston Basin. The Bakken formation is North Dakota's primary oil-producing region, and the number of active drilling rigs is a leading indicator of future production. Historically, a sustained rig count in this range supports a stable production outlook for the next several months, as new wells drilled today will typically come online in the following quarter.

While the morning price dip may give operators pause for thought, the broader price environment remains supportive. Prices above $90 per barrel for WTI provide economic incentives for continued drilling, particularly for wells in the core areas of the Bakken. The current rig level, while significantly lower than the boom-era highs, reflects a disciplined, efficiency-focused industry that has learned to generate cash flow at lower activity levels.

For royalty owners and service companies, the steady rig count signals sustained, if not expanding, activity in the near term. Production levels in the state are likely to see a gradual trajectory, avoiding sharp declines, as the existing fleet of drilled but uncompleted wells (DUCs) and new well additions from active rigs feed into the system. The focus for operators remains on maximizing returns from each rig, driving continued efficiency gains in drilling and completion techniques.