North Dakota Rig Count Holds at 34 as Oil Prices Rally

North Dakota's active drilling rig count held steady at 34 on Thursday, as the Bakken's key crude benchmarks posted strong gains, according to Bakken Wire live data. West Texas Intermediate (WTI) crude settled at $86.48, up $2.09 or 2.48% for the day, while the international Brent benchmark rose to $93.39.

The Bakken oil price differential, the discount at which local crude trades versus WTI, was recorded at -$3.42 per barrel. Natural gas prices were reported at $2.77 per MMBtu.

The current rig count, a leading indicator of future drilling and completion activity, has remained in a narrow range in recent months. Historically, the number of active rigs in the Williston Basin is closely correlated with oil prices and operator capital budgets. A stable rig count at current elevated price levels typically signals a maintained pace of development rather than rapid expansion.

Industry analysts note that a rig count in the mid-30s is consistent with a focus on capital discipline and efficiency by Bakken operators. Companies are likely concentrating drilling in the core, most productive areas of the formation to maximize returns on investment. This disciplined approach, supported by strong commodity prices, is expected to support a steady level of production in the coming quarters.

Production from new wells brought online by the current fleet of rigs will help offset the steep initial decline rates common in shale basins. The sustained higher oil price environment provides a favorable revenue backdrop for these operations, improving cash flow for producers and royalty owners across the state.

The Bakken formation remains North Dakota's primary oil-producing region. While the rig count is far below the boom-era highs seen last decade, modern drilling techniques and enhanced completion designs allow each rig to deliver significantly more production than in the past. The current activity level, if maintained, should contribute to stabilizing the state's overall output.

Market observers will watch for any significant movement in the rig count in response to the ongoing price strength. For now, the combination of $86 WTI and 34 active rigs paints a picture of cautious stability for the North Dakota oil patch.