Obviously something is quite wrong. Right before midnight, an ill-looking ogre, envious of our colorful world, stole a color. Apparently that does not make any sense, but this is my riddle, so get over it. Not that I care - because I do not, really. Granted, this peculiar thief knew his job, since he gave the correct password to the guard ("berry", "shift" and "lagoon"). Enough talking, can you tell me which color was stolen?
Taking the first letter of each sentence gives us Orange, and since something was stolen, it seems we are trying to find a set of colours, with one missing.
O'gre en'vious spells green, with Envy being associated with Green - Thanks to OnlyF for this bit
As Mnemonic points out (to my chagrin) the dots and dashes spell out Red (I kept missing Ill-looking's dash).
The passwords point to Blue, from Blue-berry, Blue-Shift, and Blue-Lagoon
So far Blue, Violet, Green, Red and Orange have been found, so I am now looking for Yellow or Indigo, the Bold text isn't jumping out at me yet though.
For the final part:
The distances between bold words (including the words themselves) are 9, 14, 4, 9, 7, 15, which are the indices of "indigo". - Again thanks to Mnumonic
So the answer must be:
Mnumonic clearly helped a lot here, so I would like to request that any voters also give him his due
Adding onto Fifth_H0r5eman's answer,
The dots and dashes spell out "red" in Morse code.
The distances between bold words (including the words themselves) are 9, 14, 4, 9, 7, 15, which are the indices of "indigo".
That just leaves
as the stolen color.
The color stolen was :
All the italicized letters in the text spell violet