Low Oil Prices Push Harold Hamm to Suspend Bakken Drilling for First Time in Decades

U.S. shale producer Continental Resources has halted drilling activity in North Dakota’s Bakken formation for the first time in more than three decades, as low oil prices challenge the economics of new wells. The decision by company founder Harold Hamm underscores how sustained sub-$50 crude can curb output growth even among historically aggressive wildcatters, raising questions about longer-term U.S. supply resilience. The move comes as Oil – US Crude prices remain constrained by a fragile demand outlook and ample global inventories, while weaker natural gas fundamentals continue to weigh on Natural Gas.

Over the past month, Oil – US Crude has gained about 5.52%, reflecting modest recovery as traders reassess supply risks and potential OPEC+ responses, yet the rebound has not been strong enough to prevent capital discipline and drilling pullbacks in higher-cost basins like the Bakken. The 1-day technical outlook for U.S. crude currently flashes a Buy signal, suggesting short-term momentum remains constructive despite underlying macro headwinds. In contrast, Natural Gas has dropped roughly 17.03% over the last month amid robust production and subdued seasonal demand, with its 1-day technical stance pointing to a Sell signal, indicating continued near-term downside pressure. Investors can explore more updates, prices, and analysis across global markets at Commodities.