Bakken Rig Count Holds at 33 as Oil Prices Surge Above $86

North Dakota's active drilling rig count held steady at 33 on Thursday, August 20, 2026, according to live Bakken Wire data. This figure persists as benchmark oil prices posted strong gains, with WTI crude trading at $86.46 per barrel, a daily increase of $2.07.

The current rig count remains near multi-year lows for the Bakken formation. Historically, the number of active drilling rigs is a leading indicator of future oil production, as new wells must be drilled and completed to offset the steep decline rates typical of shale basins. The sustained low count suggests operators are maintaining capital discipline despite favorable prices.

The day's price action saw Brent crude reach $93.57, while Bakken crude traded at a discount of $3.42 per barrel to the WTI benchmark. Natural gas prices were reported at $2.73 per MMBtu. The significant premium of Brent over WTI can influence export economics for Bakken producers.

Analysts often view a rig count in the mid-30s as indicative of a maintenance mode for North Dakota's output, which has fluctuated around 1.2 million barrels per day in recent years. A substantial increase in production would typically require a sustained period of higher prices leading to a marked uptick in drilling activity.

The current price environment, with WTI firmly above $85, is theoretically supportive of increased drilling. However, the static rig count suggests that public operators continue to prioritize shareholder returns and debt reduction over aggressive growth. Private operators may have more flexibility to add rigs, but have not done so in significant numbers recently.

The outlook for Bakken production in the coming months is likely one of stability rather than growth, given the current operational tempo. Any material increase in output would be preceded by a rise in the rig count over several months. For now, high commodity prices are primarily boosting cash flows for existing production, benefiting operators and royalty owners without signaling a new wave of expansion.