This Week in Energy — October 8, 2026
Brent Europe spot price observations averaged 128.820 $/BBL over Oct. 2-6, 12.686 $/BBL above the prior week's available-observation mean; WTI Cushing's mean rose 1.211 $/BBL. U.S. crude stocks fell 3.186 million barrels. Devon agreed to sell Eagle Ford assets to Crescent; Cenovus agreed to acquire Athabasca Oil.
The Brent Europe spot price averaged 128.820 $/BBL across the three daily observations available from Oct. 2 through Oct. 6, EIA data show, a difference of +12.686 $/BBL from the preceding week's five available observations, which averaged 116.134 $/BBL. WTI at Cushing averaged 96.753 $/BBL across three available observations in the same window, against a prior-week mean of 95.542 $/BBL across five observations, a difference of +1.211 $/BBL. Each figure is an arithmetic mean of available daily observations rather than a full-week average, and coverage need not match between the periods.
U.S. crude oil stocks excluding the Strategic Petroleum Reserve fell 3.186 million barrels in the week ended Oct. 2, to 424.134 million barrels from 427.32 million barrels a week earlier. Distillate fuel oil stocks were little changed at 105.138 million barrels, a week-to-week change of -0.042 million barrels, and refinery operable utilization was 92.7 percent, up 0.2 percentage points.
Natural gas in Lower 48 working underground storage added 85 Bcf over the same week, reaching 3,500 Bcf from 3,415 Bcf.
Devon Energy agreed on Oct. 8 to sell its Eagle Ford assets to Crescent Energy for cash consideration, subject to customary closing adjustments. Devon said the assets comprise approximately 90,000 net acres in Karnes, DeWitt and Gonzales Counties, Texas, and represent approximately 4% of its total BOE production. Clay Gaspar, Devon's president and chief executive, said the sale was a direct outcome of an ongoing portfolio review and that selling a relatively mature asset into a strong commodity price environment improves go-forward capital efficiency. Devon said after-tax proceeds would be used to accelerate share repurchases and reduce debt.
Crescent, announcing the same transaction on Oct. 8, said the acquired assets include approximately 68 Mboe/d of net production and more than 600 Tier 1 net locations normalized to 10,000 feet, and identified annual synergies across drilling and completion, lease operating expense and marketing. Crescent expects the transaction to close in the fourth quarter of 2026 or early 2027, subject to customary closing conditions.
Cenovus Energy said on Oct. 5 it agreed to acquire Athabasca Oil Corporation in a cash-and-stock arrangement covering all issued and outstanding Athabasca common shares. Cenovus said the assets add approximately 45 Mboe/d, including thermal production near its Christina Lake, May River and Thornbury operations, and more than 75 years of proved plus probable reserves life based on estimated 2026 production exit rate. The company expects to realize annual corporate and commercial synergies, with the majority captured in the first full year after closing, and described a pathway to accelerate thermal production to 115 Mbbls/d by 2032.
Hess Midstream and Chevron executed a definitive agreement on Oct. 6 that Hess Midstream said will establish it as an independent, multi-basin midstream company. Hess Midstream will acquire Chevron's crude oil and natural gas gathering and storage assets in the Denver-Julesburg Basin, including a minority interest in a long-haul pipeline, and the two will amend their Bakken commercial agreements to reduce tariffs while extending terms through 2045. Chevron will contribute 100% of its consolidated ownership interests in Hess Midstream and 100% of its ownership interests in the general partner, which Hess Midstream said will decrease its outstanding shares by nearly 40% upon closing. Hess Midstream said the transaction is expected to close by year-end 2026, and issued preliminary 2027 financial guidance reflecting it, a forecast rather than a reported result, including an expected gross Adjusted EBITDA margin of approximately 75% and expected Adjusted EBITDA and Adjusted Free Cash Flow based on expected capital expenditures across the DJ and Bakken basins.
Matador Resources said its Paloma acquisition has closed and that it expects its Ridge Runner Resources II purchase to close later in October. Matador said it will have approximately 240,000 net acres in the core of the Delaware Basin in the fourth quarter of 2026, and that the acquisitions, together with the May 2026 federal lease sale, increase its net acreage position by almost 20% above its October 2025 position of 203,000 net acres. The company said it expects to pay down its reserves-based lending credit facility led by PNC Bank following the closings in the fourth quarter, depending on commodity prices.