HOUSTON, Oct. 9, 2026 /CNW/ — Oil Market Daily News Commentary – The U.S. Energy Information Administration now expects Brent crude to average $96.32 a barrel in 2026 and $83.74 in 2027, up from $91.01 and $73.74 a month ago, according to its October Short-Term Energy Outlook released this week. It is the third consecutive increase for both years, and the agency sees Brent averaging about $105 in the fourth quarter. Oil companies spent the week putting that price environment to work, announcing four separate transactions in four trading days, while a European major gave the market an early read on how much the third quarter paid. Active Companies from around the markets with current developments this week include: Cenovus Energy Inc. (NYSE: CVE), Energy Transfer LP (NYSE: ET), Chevron Corporation (NYSE: CVX), Crescent Energy Company (NYSE: CRGY), Shell plc (NYSE: SHEL).
The EIA said Brent averaged $114 a barrel in September, $23 higher than in August, and touched a daily high of $131 on September 15 after attacks on Saudi Arabia’s East-West pipeline temporarily halted flows on a route that bypasses the Strait of Hormuz. The agency assumes Middle East oil flows stay constrained through the fourth quarter, with shut-ins averaging 4.5 million barrels per day, and estimates global inventories fell 1.9 million barrels per day in the third quarter.
The market moved again on Thursday. Brent settled at $104.28, up about 4%, and West Texas Intermediate settled at $91.49 after Iran warned it would block unauthorized shipping routes through the Strait of Hormuz, while a Gulf of Mexico storm shut in offshore production.
Against that backdrop, the week’s corporate news ran in one direction: consolidation. A Canadian oil sands producer agreed to buy a smaller rival, a midstream operator added Permian gathering and processing, an integrated major restructured its Bakken pipeline arrangements, and an independent agreed to buy a large Eagle Ford position from a seller exiting the basin.
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In other industry developments and happenings in the market this week include:
Cenovus Energy Inc. (NYSE: CVE)
Cenovus announced on October 5 an agreement to acquire Athabasca Oil Corporation for C$12.00 per Athabasca share, payable in cash, Cenovus shares or a combination, for an implied enterprise value of C$5.7 billion. The deal adds about 45,000 barrels of oil equivalent per day and is expected to generate about $85 million a year in corporate and commercial synergies. Closing is expected in December 2026, subject to regulatory and Athabasca shareholder approvals.
President and CEO Jon McKenzie said the transaction “strengthens our position in one of the world’s premier oil-producing regions” and “is a natural extension of our oil sands strategy.”
Energy Transfer LP (NYSE: ET)
Energy Transfer agreed on October 6 to acquire Vaquero Midstream for about $2.6 billion, made up of $1.95 billion in cash and about 33.3 million newly issued Energy Transfer common units. The assets include roughly 300 miles of pipeline in Loving, Reeves, Ward and Winkler counties in Texas, serving producers in the southern Delaware Basin, and the Caymus Processing Complex, with three processing trains and about 675 million cubic feet per day of combined capacity.
The contracts are fee-based, supported by about 100,000 dedicated acres and carry an average remaining term of about 10 years. The system connects to Energy Transfer’s existing natural gas and natural gas liquids network, and the transaction is expected to close in the fourth quarter of 2026.
Chevron Corporation (NYSE: CVX)
Chevron subsidiaries signed definitive agreements on October 6 with Hess Midstream that extend Bakken midstream terms, which Chevron expects to cut its Bakken unit midstream costs by about 50%. Under the agreements, Chevron will divest its ownership and general partner interests in Hess Midstream and transfer its DJ Basin crude oil midstream assets in exchange for $200 million in cash.
Chevron expects to fully deconsolidate Hess Midstream, including about $3.7 billion of its debt, and said the transactions should lift return on capital employed by roughly half a percentage point, despite an estimated one-time after-tax loss of $3 billion to $4 billion at closing. Completion is targeted for year-end 2026.
Crescent Energy Company (NYSE: CRGY)
Crescent agreed on October 8 to acquire Devon Energy’s Eagle Ford assets, adding about 68,000 barrels of oil equivalent per day of net production and more than 600 Tier 1 net locations. Crescent put the estimated net purchase price at about $3.85 billion after adjustments based on a July 1, 2026 effective date; Devon described the sale as a $4.2 billion exit from the basin covering about 90,000 net acres. Crescent expects about $140 million in annual synergies and closing in the fourth quarter of 2026 or early 2027.
To fund part of the cash consideration, Crescent launched a $1 billion offering of Class A common stock the same day. CEO David Rockecharlie said the acquisition “represents a significant step forward for Crescent.”
Shell plc (NYSE: SHEL)
Shell issued its third quarter 2026 update note on October 7, pointing to an indicative refining margin of $42 a barrel for the quarter, up from $24 in the second quarter. Integrated Gas production is expected at 740,000 to 780,000 barrels of oil equivalent per day, up from 631,000, a range that includes the ARC Resources acquisition Shell completed on September 2.
Refinery utilization is expected at 93% to 97%, with low Rhine water levels affecting the Rheinland refinery, and Upstream production at 1.735 to 1.835 million barrels of oil equivalent per day. Shell is scheduled to publish its third quarter results on October 29.
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