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HOUSTON, Nov 21 – There are 10 hydraulic fracturing crews operating in North Dakota, down from 13 in October, the state regulator said on Friday, as weak oil prices push operators to put the brakes on activity.
“This is seasonal however I do believe that some of the reduction there is related to softer commodity prices that we have been seeing the last several months,” said Nathan Anderson, director of the North Dakota Department of Mineral Resources.
U.S. crude futures averaged around $63.50 a barrel in September, according to data from LSEG, compared with $69.40 in September 2024. U.S. crude futures have been in a monthly decline since August, on track to end November lower.
The state’s rig count is currently at 28, steady on the month, the state regulator said.
Bakken oil delivered at Clearbrook, Minnesota, was pricing at $1.05 per barrel below West Texas Intermediate crude futures, the state regulator said.
North Dakota is the third-largest oil-producing state and home to the Bakken oilfield, a massive shale field that helped the U.S. become the world’s largest oil producer.
(Reporting by Georgina McCartney in Houston; Editing by Nia Williams)