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Cranberry Journal

Wednesday, October 28, 2026

Also in this edition
Markets
  • S&P 5007,743.98+0.28%
  • Nasdaq26,549.85+0.27%
  • Dow52,475.10+0.19%
  • 10-yr yield5.04%+1.04%
  • Crude$102.05−0.71%
At the close · Oct 28

Energy

Tagged stories

A Lufkin pumpjack with a red counterweight head, yellow beam and teal frame behind a chain-link fence on snow-covered ground, with spruce trees and a clear blue sky behind.
Business

Ovintiv Will Pay About $890 Million for Logan Energy, or $44,500 for Each Barrel a Day It Produces. By Its Own Benchmark, $340 Million of That Is for Wells Not Yet Drilled.

Ovintiv said on 26 October that it will buy Logan Energy, a Montney oil producer, for C$1.40 a share in cash, about $890 million (C$1.26 billion) including net debt. Logan produces about 20,000 barrels of oil equivalent a day. The deal needs Logan shareholder, court and regulatory approval and is expected to close early in 2027.

By Daniel Okafor  

A tall drilling rig with a red-and-white mast stands on a levelled gravel pad at the foot of a wooded hill in autumn colours, seen across a field of ripe brown soybeans under a clear blue sky.
Business

EQT Is Paying a 21 Per Cent Premium for Range Resources, in Stock. By Our Arithmetic, the Premium Equals Almost Seven Years of the Promised Savings.

EQT agreed on 25 October to buy Range Resources in an all-stock deal, giving 0.987 EQT shares for each Range share. Range holders would own about 27 per cent of the combined natural gas producer, which the companies value at more than $50 billion including debt. Both sets of shareholders must vote, and the deal is not expected to close before the first quarter of 2027.

By Daniel Okafor  

An aerial view of a large tanker with a green hull and red deck moored at a jetty of the Primorsk oil terminal, with a second tanker at a berth in the distance and forest along the shore.
The Numbers

The First Russian Diesel Cargo Since Washington's Licence Was 40,000 Tons, Bound for Morocco. U.S. Pump Diesel Is 9 Cents Higher Than on the Day the Licence Was Signed.

Russia resumed diesel export loadings at the Baltic port of Primorsk this week, and the first reported cargo, about 40,000 metric tons, is heading to Morocco, not the United States. Deputy Prime Minister Alexander Novak said U.S. deliveries need a contract, a vessel and two to three weeks. AAA put U.S. diesel at $6.32 a gallon on Sunday, against $6.23 when the Treasury licensed Russian diesel on 9 October.

By Daniel Okafor  

Silhouette of an oil refinery and cooling towers across an estuary at sunset, with tidal flats in the foreground.
Money

Wholesale Prices Rose 1.3 Per Cent in One Month, the Most Since 2022, and Are Up 6.3 Per Cent in a Year. Retail Gasoline Margins Fell 30.3 Per Cent.

The Bureau of Labor Statistics said on Thursday 15 October that the Producer Price Index for final demand rose 1.3 per cent in September and 6.3 per cent from a year earlier. Energy rose 10.8 per cent and accounted for more than 80 per cent of the increase in goods prices. The measure that excludes food, energy and trade rose 0.5 per cent in the month and 5.0 per cent over the year.

By Daniel Okafor  

A tall land drilling rig with equipment and soil piles at its base stands in a bare ploughed field under heavy grey clouds.
The Numbers

Oil Averaged $96 in the Spring. The Economies of America's Oil States Shrank.

In the second quarter, when West Texas crude averaged $95.65 a barrel, the current-dollar economies of Alaska, New Mexico, Texas, North Dakota, Wyoming and West Virginia grew faster than any others. Measured in real terms, West Virginia, Wyoming, Alaska and North Dakota shrank, along with Kansas and Nebraska. Real mining output fell in every big energy state. The oil price raised the value of what they produced, not the amount.

By Thomas Gutierrez  

An oil refinery in Japan at dusk, with storage tanks, towers, pipework and chimneys silhouetted against a golden sky.
World

The G-7 Will Release 100 Million Barrels. Some May Already Have Been Promised in March.

The Group of Seven agreed on Friday to release 100 million barrels of diesel and crude from emergency stocks over four months, coordinated by the International Energy Agency. The statement gives no split between diesel and crude, names no countries, and describes the release as implementing existing commitments. US diesel stocks are at their lowest for late September in four decades of weekly records.

By Alison Acosta  

A white diesel generator in a utility room beneath wall-mounted electrical units.
The Numbers

Gaza's Hospitals Run Entirely on Generators. Their Diesel Is Funded Until Saturday.

Gaza's Health Ministry says the World Health Organization will stop supplying diesel to more than 20 hospitals and health centres from 19 September because of a funding shortfall. The WHO has not commented. Gaza's hospitals have run on generators since the power was cut in October 2023, and the generators were already running on oil changed a quarter as often as they should be.

By Thomas Gutierrez  

High-voltage transmission lines at dusk.
The Long View

When Both Parties Buy the Same Argument, the Argument Is Over

More than $45m has gone into political advertising mentioning data centres since January — $22m behind Republicans, $21m behind Democrats — and both sides are making the same case about tax breaks and electricity bills. Seventy-seven percent of Americans told Reuters/Ipsos they are worried about what the buildings do to their power bill.

By Cory Chamberlain  

Unmanned surface vessels operating with the US Fifth Fleet in the Arabian Gulf.
World

The Mines Are Cleared. The Mines Were Never the Constraint.

US Central Command says it has cleared Iranian sea mines from the transit routes through the Strait of Hormuz. Two monitoring bodies still warn of drifting and uncharted mines outside the swept lanes, and analysts say the greater danger was always the missiles and drones on the shore. Clearing a channel is not the same as opening a strait.

By Cory Chamberlain  

A US Navy guided-missile destroyer under way in the Strait of Hormuz.
The Long View

The Navy Can Escort the Ship. It Cannot Underwrite It.

Warships have been escorting tankers through the Strait of Hormuz for months. War-risk premiums went from one to three percent of hull value before the war to between seven and a half and ten percent, and the escort did not bring them down. Security and risk are priced by different institutions, and they do not net.

By Cory Chamberlain