Sep. 8, 2009 (Business Wire) — Cobra Oil & Gas Company (OTCBB: CGCA) (hereafter “Cobra”) is pleased to notify an approval by the Obama administration for a pipeline to carry oil-sands fuel from Canada into the U.S., sending a positive economic signal in a difficult economic period. The pipeline will amass 1000 miles and is designed to carry up to 800,000 barrels of fuel a day from Canada’s vast oil sands.

Enbridge Energy will take on the building of the pipeline as the U.S. aims to diversify oil supplies coming into the country and increase crude oil supplies from a major non-Organization of Petroleum Exporting Countries producer while shortening the transportation path for crude oil supplies.

“As the United States looks for more diverse oil supplies for domestic use, the Oil Sands will consequently gain importance,” stated Max Pozzoni, Cobra’s President. “The enormous oil sands potential within North America will

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On Friday, Texas-based pipeline operator Enbridge Energy Partners LP (EEP) reported second-quarter financial results for the period ending June 30, 2009. Earnings per limited partner unit, excluding non-cash items, came in at $0.74, well above our estimate of $0.52 and the Street’s estimate of $0.51. The partnership’s better-than-expected profit was driven by contribution from a new oil pipeline, cost saving initiatives and better results in the natural gas segment.

However, on a year-over-year basis, Enbridge’s adjusted earnings per limited partner unit declined 21.3%, while revenue plunged 55.3% to $1.3 billion. The negative comparison from the year-ago quarter was due to less favorable natural gas and natural gas liquids prices.

Earnings per unit during the quarter were also adversely affected by increase in the number of weighted average units. The partnership declared an unchanged cash distribution of $0.99 per unit or $3.96 per unit annualized.

Volume in Enbridge’s

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U.S. stocks tumble, Dow at lowest level in six years… European stock index hits six-year low… Tokyo stock index close lowest for 25 years…

Oil prices dropped more than $1 on Friday as the deteriorating global economic outlook stoked concerns that crude demand will continue to shrink.

U.S. crude futures for March delivery, which expire on Friday, fell $1.13 to $38.35 a barrel by 1228 EDT (1728 GMT), after posting the biggest settlement gain since Dec. 31 in the previous session.

Brent crude fell $1.09 to $40.90 a barrel.

The losses tracked weakness in U.S. stocks, which fell sharply led by banking shares on fears that a U.S. bank rescue plan might lead to nationalization.

Economic news was grim outside the United States as well, with European shares hitting a six-year low as investors fretted about capital increases and bank nationalization on the back of a

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Oil above $40 a barrel; geopolitical risk returns… Israeli air strikes go into third day… China to build up oil reserves while price is low

Oil prices rose above $40 a barrel on Monday, boosted by the weak dollar and Israeli attacks on Hamas that served as a reminder of tensions that could threaten Middle East crude oil supplies.

U.S. light, sweet crude was up $2.75 at $40.45 a barrel by 1335 GMT, below a session high of $42.20.

Oil is on track for a nearly 60 percent loss this year, the biggest annual fall since futures began trading 25 years ago.

London Brent crude rose $2.88 to $41.25 a barrel, after touching a session high of $43.18.

“Geopolitics had disappeared from the oil scene for the last couple of months but will regain some price premium with the latest Israeli

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“Prices for energy stocks, including the drillers, are bombed-out and should be aggressively accumulated now,” says resource expert Eric Roseman.  Here, the editor of The Commodity Trend Alert explains, “The absolute worst thing we can do is sell now.” Here’s his outlook on energy and drilling and a trio of buys

The pain felt by commodity bulls should abate shortly; this mind-blowing expansion of credit will ultimately fuel inflation to much higher levels

“Eventually, long-term interest rates will rise sharply in the United States as the government grows hungrier to finance its out-of-control spending habits.

“What we’re seeing now is a market that has gone from being obsessed with inflation just two months ago to one now worried about rapid deflation or an environment of declining prices.

“Combined with bad economic news overseas, the U.S. dollar has seen a violent reversal exacerbating the plunge in

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Hurricane Gustav has caused 96% of the oil production in the Gulf of Mexico to be shut off; Shell and Conoco also shutting down operations. Could Russia cut crude oil supplies to Europe? The country “is willing to use the oil weapon,” notes the Telegraph. Canada says it is seeing an increase in Russian flights near its airspace in the Arctic, as part of the Russian bid to claim territory in the energy-rich region. The Czech prime minister has urged EU members to stop making individual energy deals with Moscow if they want to break Russia’s energy monopoly. Prime Minister Vladimir Putin is attempting to speed up completion of the East Siberia – Pacific Ocean (ESPO) oil pipeline - Russia’s first pipeline to Asia.