Rig Count Holds at 26 as Oil Prices Slide Below Key Threshold

North Dakota's active drilling rig count held at 26 on Friday, June 26, 2026, according to live Bakken data. This level of activity suggests a stable but cautious operational pace among Bakken producers amid a sharp drop in oil prices.

West Texas Intermediate crude traded at $70.21 per barrel, down $1.71 or 2.38% on the day. The international benchmark Brent crude fell 2.53% to $73.59. The Bakken crude differential stood at a discount of $3.42 per barrel versus WTI. Natural gas prices were reported at $3.34 per MMBtu.

The current rig count of 26 is a critical indicator for future oil production in the state. Historically, the number of active rigs serves as a leading indicator for production volumes, with a lag of several months between drilling activity and new wells contributing to output. A sustained rig count in the mid-20s typically correlates with relatively flat to modestly declining production unless significant gains in well productivity are achieved.

The day's price action, with WTI falling below the psychologically important $71 level, introduces headwinds for operators. While the steady rig count indicates current development plans are proceeding, a prolonged period of prices near or below $70 could lead to budget reassessments and a potential slowdown in new drilling projects.

For royalty owners and service companies, the stability in rig activity is a positive short-term signal. However, the narrowing margin for Bakken crude—priced at a discount to the already-falling benchmark—could squeeze operator cash flows. This dynamic often leads to a heightened focus on cost control and efficiency in the basin.

The near-term production outlook for North Dakota hinges on whether the current rig level can be maintained. If oil prices stabilize or recover, the existing activity could support production. A further decline in prices, however, would likely pressure the rig count downward, setting the stage for reduced output in the latter half of 2026.