US Rig Count Jumps, Ukraine Targets Refinery, ICE Launches Oil Futures

The U.S. oil and gas rig count rose for a fifth consecutive week, adding seven rigs to reach 558, according to a Baker Hughes report cited by Bing News. The total, reported on Friday, May 22, marks the highest count since June 2025. Notably, the number of rigs drilling for oil jumped by ten, the largest single-week increase in four years. For Bakken operators, this sustained increase in national drilling activity signals continued investment and confidence in the sector, potentially reflecting stable or favorable commodity prices that support development in North Dakota's core shale play.

In financial markets, Intercontinental Exchange Inc (ICE), owner of the New York Stock Exchange, is partnering with crypto exchange OKX to launch perpetual futures contracts tied to oil, Rigzone reported. These contracts, which never expire, represent a new financial instrument for trading oil price exposure. Such products can increase market liquidity and provide another avenue for Bakken producers and traders to hedge their production.

Geopolitical tensions continue to impact global energy infrastructure. Ukrainian forces used long-range drones to target Russian oil-processing and export facilities, President Volodymyr Zelenskyy said in a Telegram statement reported by Rigzone. The statement specifically mentioned an attack on the Yaroslavl refinery on the night of Thursday, May 21. While geographically distant, attacks on refining capacity can tighten global fuel supplies and contribute to price volatility, factors that ultimately influence the economics of Bakken crude production and the revenues of North Dakota's royalty owners.